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.
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
1
regulatory licence held by Ayoconnect
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Ayoconnect’s embedded-finance 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
in the full report
Card issuing
in the full report
Open banking
in the full report
Accounting gap: minor
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.