← State of Embedded Finance 2026

Ayoconnect

“Can a Bank Indonesia-licensed open-finance API platform become the default embedded-finance rails for Southeast Asia's banks, lenders, and fintechs?”

Founded2016
HQJakarta, Indonesia
FoundersJakob Rost, Chiragh Kirpalani, Adi Vora
Total raised$43M+ (through Series B extension, 2022; additional undisclosed round 2025)
Latest roundFollow-on funding, Sep 2025
IndustryInfrastructure / Open banking
The story

Founded 2016 as Indonesia's largest bill-payment (PPOB) aggregator, Ayoconnect pivoted into a full open-finance API platform after its 2021-2022 Tiger Global-led Series B. The company is licensed by Bank Indonesia, which lets it operate direct debit, account opening, and virtual card APIs natively rather than through a sponsor bank. Since 2024 it has narrowed focus toward profitability, doubling down on recurring payments, instant transfer, and white-label virtual cards for Indonesian banks and lenders.

Last 12 months
2026-02
2025-09
2025-02
2025-02
Product timeline
2016
Founded as bill payment aggregator in Indonesia· pivot
2021
Series B led by Tiger Global; expanded into open finance APIs· banking
2022
Launched direct debit with 7 of Indonesia's biggest banks· banking
2022
$13M Series B extension; roadmap for card issuing and account opening APIs· card
2025
Partnership with Bank Danamon on Auto Debit; secured new funding for path to profitability· banking
2026
Targeting profitability post-audit· pivot
Regulated entities
Payment Services Provider License (Category 1)
Indonesia (Bank Indonesia)
PT Ayoconnect Teknologi Indonesia (PT ATI)
The stack
Payments / PSP
Ayoconnect Instant Transfer (self-operated)Ayoconnect Disbursement API (self-operated)Ayoconnect Direct Debit (self-operated)Ayoconnect Recurring Payment (self-operated)
Banking / BaaS
Ayoconnect (in-house, licensed by Bank Indonesia)
Card issuing
Ayoconnect Virtual Cards (in-house)
Open banking
Ayoconnect Open Finance API (self-operated)
Accounting gap: minor