• Ayoconnect

Ayoconnect Closes US$5 Million Pre-Series B Funding Round

  • Indonesian fintech Ayoconnect is building the first and largest bill network in Indonesia, the world’s fourth most populous nation with over 273 million people

  • Indonesia’s bill payment sector is a US$160 billion a year industry with 220 million people paying bills on a regular basis. However a number of consumers do not have bank accounts; particularly in rural regions people need to travel great distances with cash on hand just to pay their bills

  • Ayoconnect has received strategic investment to build Indonesia’s bill payment infrastructure. In doing so, it is enabling a more financially inclusive Indonesia. New investors include ​BRI Ventures, the corporate venture capital arm of Bank BRI; Tokyo Exchange (TYO) listed internet company Kakaku.com, Inc. and Brama One Ventures. Existing investors Finch Capital and Amand Ventures also participated in the round

  • As the market leader, Ayoconnect has surpassed 40 million payment transactions as of June 2020, with over 2,500 bill products available on the network; it has seen transaction volumes grow over ​400 percent in just six months from January to June 2020


From left to right: Alex Jatra (CFO Ayoconnect), Jakob Rost (Co-founder & CEO Ayoconnect), and Chiragh Kirpalani (Co-founder & COO Ayoconnect) in front of Ayoconnect's new logo

JAKARTA, INDONESIA & SINGAPORE, 4 August 2020 - ​Ayoconnect​, an Indonesian fintech company, has raised US$5 million in Pre-Series B funding from strategic global investors to continue building Indonesia’s largest and most advanced bill network. As a B2B fintech company, Ayoconnect connects Bill Providers (utilities, telcos, education institutes and other bill providers) with online and offline Channel Partners (including Indomaret, PT POS as well as financial institutions) so that end-consumers can pay their bills more seamlessly ​within Ayoconnect’s network​. The company has raised over US$10 million to date. Its Pre-Series B investors include BRI Ventures, the corporate venture capital arm of Bank BRI; Tokyo Exchange (TYO) listed internet company Kakaku.com, Inc. and Brama One Ventures. Existing investors including global fintech specialist Finch Capital and Amand Ventures also participated in the round. Other existing investors in Ayoconnect include Strive and AC Ventures.

Ayoconnect, together with its partners, looks to drive financial inclusion in a cash-reliant Indonesia, where majority consumers do not have bank accounts. With its unique positioning in building an Open Bill Network, Ayoconnect offers a “One API” solution which allows Bill Providers to expand their payment points with minimum effort, while Channel Partners have immediate access to 2,500 bill products.

Ayoconnect builds and runs hundreds of integrations to tackle the issues of low margins and high overhead costs for its channel partners, ensuring standardization, network development, and transaction success between both sides. As of July 2020, Ayoconnect has processed more than 40 million payments through its 600 Bill Providers and 40 Channel Partners. Ayoconnect debuts with a lineup of prominent partners including DANA, LinkAja, PT POS Indonesia, Bank BRI, Bank Permata, Bukalapak, Lazada and Pegadaian. The company has seen a 400 percent growth in transaction volumes within six months from January to June 2020.

Jakob Rost, Co-Founder & CEO of Ayoconnect ​said: “Securing the right, strategic investor profile was very important for our Pre-Series B raise. We look forward to working with our existing and new investors who share in the strategic significance of Ayoconnect’s vision - organizing the entire Indonesian biller ecosystem into one central network. We cannot understate the importance of providing accessibility to billers, telcos, banks, financial institutions, and consumers. Our Pre-series B raise will be used for tech investment and growing our network of partnerships to bridge the gap between Bill Providers and Channel Partners with an underlying infrastructure for reliable, secure and fast digital bill payment”.

He added that Indonesia’s bill payment landscape is predominantly offline, fragmented and manual. “Ayoconnect comes in with its Open Bill Network to build and run hundreds of integrations.

Revealing more around the company’s future plans, ​Co-Founder & COO Chiragh Kirpalani said​: “Online bill payment is a clear winner from COVID-19 as consumer preferences have accelerated digitalization. ​Ayoconnect will remain focussed on bill payment while aiming to build more value-added solutions together with our partners. One such solution includes a Billing Reminder that helps our partners like Bank Mandiri Card Division and other financial institutions execute auto-debit for bill payment.”

CEO BRI Ventures Nicko Widjaja ​is looking forward to working together with Ayoconnect as an important investor and partner, saying "Bill payment technology plays a vital part across many currently underserved industry verticals and there is a tremendous growth opportunity in the upcoming digitalization of those sectors.”

"We see a sustainable value in Ayoconnect's approach to serve the entire ecosystem by working with Bill providers, Aggregators and Channel Partners alike. Their open network allows the acceleration in democratising digital products within the Indonesian fintech ecosystem over the coming years," he added.

Ayoconnect further doubled down on hiring, bringing the team close to 100 staff and 2 offices in Indonesia and India, which doubles as a technology hub for the company. In addition to that, Ayoconnect announced that ​Alex Jatra joined the network as ​Chief Financial Officer​. Alex comes with a s​trong financial track record having previously worked in Private Equity, Venture Capital and as C-Level in Indonesia’s Technology Ecosystem.

Ayoconnect (previously Ayopop) was founded in November 2015 by Jakob Rost, Co-Founder and CEO, and Chiragh Kirpalani, Co-Founder and COO. Jakob was the Managing Director of Lazada Indonesia, and a former BCG Consultant and shifted to Indonesia over seven years ago. The idea for the company came about when he met with Chiragh, a successful Indonesian entrepreneur with a previous startup exit under his belt. The two identified that Indonesia’s bill payment sector is highly fragmented and inefficient - ripe for enablement through technology. In 2016, Ayoconnect crossed another significant milestone by bringing ​Aditya Vora on board. Aditya was promoted to ​Chief Technology Officer ​in 2018 to oversee the company’s innovation through technology.

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© 2021 Ayoconnect

Apa itu Ayoconnect?

Ayoconnect adalah perusahaan teknologi finansial yang membangun platform API finansial untuk mendorong perusahaan di semua sektor mengembangkan bisnis mereka melalui produk inovatif berbasis API. Didorong oleh misi untuk memajukan ekonomi digital Indonesia melalui teknologi, kami membangun solusi berbasis API untuk menyediakan infrastruktur yang dibutuhkan bagi perusahaan untuk terhubung dengan layanan dan lembaga keuangan lainnya.

Ayoconnect berkomitmen untuk mengatasi tantangan kompleks dengan solusi yang relevan. Sejak 2016, Ayoconnect telah membantu lebih dari 1.000 perusahaan untuk mempercepat pertumbuhan bisnis, meningkatkan retensi pelanggan, dan mengembangkan pendapatan mereka dengan solusi berbasis teknologi yang dapat disesuaikan dengan kebutuhan unik setiap perusahaan.

 

Tentang Open API Ayoconnect

API (Application Programming Interface) adalah sistem komputasi yang menjembatani interaksi antara berbagai aplikasi software atau antara software dan hardware. Jaringan Open API Ayoconnect berisi sekumpulan fungsi, protokol, dan perintah yang dibutuhkan seorang programmer untuk membangun interkoneksi antar sistem yang stabil dan cepat. Pemanfaatan Open API Ayoconnect memungkinkan para penyedia jasa untuk bekerjasama dalam berinovasi membangun solusi yang saling menguntungkan pelaku bisnis dan konsumen.

Apa itu Billing APIs Ayoconnect?

Billing APIs Ayoconnect adalah sekumpulan API yang menghubungkan perusahaan penyedia tagihan (seperti PLN, PDAM, operator seluler, lembaga jasa keuangan, dan sebagainya) dan perusahaan bill aggregator dengan platform konsumen online (seperti e-commmerce, dompet digital, dan aplikasi mobile) dan offline (seperti ritel waralaba, warung, e-commerce, dompet digital, bank, dan lainnya) dalam sebuah ekosistem terpadu melalui satu integrasi. Saat ini, Billing APIs Ayoconnect terdiri dari solusi Transaction API dan Payment Point API.

Sebagai contoh, bill aggregator dan operator seluler yang berintegrasi dengan Billing APIs Ayoconnect dapat dengan mudah dan cepat mendistribusikan penjualan pulsa dan paket data mereka melalui situs e-commerce, e-wallet, warung, agen PPOB, dan jaringan minimarket di seluruh penjuru Indonesia. Hal yang sama berlaku bagi perusahaan utilitas seperti PLN dan PDAM. Melalui integrasi dengan API Ayoconnect, pelanggan listrik dan air dapat melakukan pembayaran listrik pascabayar, membeli token listrik, dan membayar tagihan air bulanan melalui channel online dan offline. Contoh lainnya, pelanggan dompet digital yang tidak memiliki rekening bank juga dapat melakukan top up saldo e-wallet favorit mereka melalui jaringan ritel offline yang sudah terhubung ke API Ayoconnect.

 

Tentang Transaction API Ayoconnect

Solusi Transaction API Ayoconnect membuka akses ke berbagai produk digital seperti pulsa, paket data, token listrik, tagihan air, top-up e-money, voucher game dan streaming, pembayaran kartu kredit, pinjaman multifinance, dan masih banyak lagi. Solusi Transaction API Ayoconnect membantu platform konsumen online dan offline membangun layanan penjualan produk pulsa, isi ulang paket data, pembayaran token PLN, pembayaran tagihan internet dan tv kabel, top up e-wallet, dan penjualan voucher game serta produk digital lainnya dengan lebih mudah dan cepat. Membangun fitur pembayaran tagihan online maupun offline akan membantu memaksimalkan keuntungan bisnis sekaligus meningkatkan kesetiaan pelanggan Anda. 

 

Untuk platform konsumen online seperti e-commerce dan aplikasi mobile, fitur pembayaran tagihan online merupakan fitur yang memungkinkan pelanggan untuk melakukan pembayaran tagihan, mulai dari isi pulsa, paket data, token listrik, tagihan internet dan tv kabel, tagihan air, premi asuransi, top up e-wallet, hingga pembelian voucher game kapan saja dan di mana saja melalui aplikasi mobile atau situs online. 

 

Untuk platform konsumen offline seperti jaringan agen PPOB, warung, supermarket, dan minimarket, layanan pembayaran tagihan offline dipastikan akan memudahkan pelanggan Anda yang belum memiliki akses ke rekening bank atau platform online untuk melakukan pembayaran tagihan menggunakan uang kas atau saldo e-wallet.

 

Tentang Payment Point API Ayoconnect

Mayoritas penduduk Indonesia memiliki tagihan untuk dibayar setiap bulannya. Saat ini, pembayaran tagihan bisa dilakukan melalui berbagai metode online dan offline. Sebagai contoh, seorang pelanggan memiliki opsi untuk melakukan pembelian pulsa dan token listrik di kios, minimarket, hingga aplikasi digital. Kondisi di mana pelanggan memiliki berbagai pilihan kanal pembayaran tagihan dimungkinkan oleh kemajuan teknologi. Solusi Payment Point API Ayoconnect merupakan salah satu teknologi yang membantu perusahaan penyedia tagihan untuk menjangkau ratusan juta pelanggan di seluruh penjuru Indonesia melalui satu kali integrasi. 

 

Perusahaan penyedia tagihan dan bill aggregator yang terintegrasi dengan solusi Payment Point API Ayoconnect dapat mengakses jutaan kanal pembayaran online dan offline di seluruh Indonesia secara instan. Dengan solusi Payment Point API Ayoconnect, perusahaan bill aggregator maupun perusahaan penyedia tagihan seperti operator seluler, PLN, PDAM, asuransi, jasa internet dan tv kabel, penjual voucher game, asuransi, multifinansial, e-wallet, dan bankdapat dengan mudah mengakses jutaan kanal pembayaran online dan offline. Integrasi ke Payment Poing API Ayoconnect untuk memungkinkan pelanggan Anda membayar tagihan di situs e-commerce, aplikasi mobile, agen PPOB, dan ritel waralaba terkemuka di Indonesia. 

 

Tentang Bisnis PPOB di Indonesia

PPOB atau Payment Point Online Bank adalah platform keuangan berbasis keagenan untuk mengelola pembayaran berbagai jenis tagihan secara online. API Ayoconnect memungkinkan berbagai perusahaan PPOB di Indonesia untuk menyediakan jasa penjualan produk tagihan yang lengkap bagi agennya. Produk tagihan yang bisa dibayar melalui PPOB yang memanfaatkan jaringan API Ayoconnect antara lain pembelian pulsa dan paket data, tagihan internet dan tv kabel, listrik pascabayar, token listrik, tagihan air PDAM, asuransi, kartu kredit, multifinance, hingga voucher game.