Ayoconnect

Ayoconnect was founded in 2016 and is headquartered in Jakarta, where it runs the largest open finance API platform in Indonesia. It gives banks, lenders and consumer platforms one integration for account-to-account payments and financial data in a market where each bank connection previously had to be negotiated and built separately.

The catalogue covers Recurring Payment based on bank direct debit, a payment gateway, instant transfer and disbursement over the BI-Fast rail, white-label virtual Mastercard issuance, autobilling and income verification, plus a bill payment and digital goods catalogue with more than 1,000 integrated services. Ayoconnect holds a Bank Indonesia Payment Service Provider Category 1 licence, is registered with the financial regulator OJK and is PCI DSS certified. More than 200 businesses use the platform, including Bank BRI, Bank Mandiri, Bank BNI, Shopee, Traveloka, DANA and Akulaku. Total funding is USD 43 million, including a Series B led by Tiger Global and a USD 13 million extension led by SIG Venture Capital.

1. Recurring Payment: bank direct debit API for subscription and instalment collection from Indonesian bank accounts.

2. BI-Fast rail: instant transfer and FAST disbursement built on Bank Indonesia's real-time payment infrastructure.

3. Virtual card issuance: white-label virtual Mastercard programmes issued through the platform.

4. Income verification: consented account data used by lenders for affordability and income checks.

5. Licensing: Bank Indonesia Payment Service Provider Category 1 licence, OJK registration and PCI DSS certification.

6. Adoption: more than 200 business customers, including Bank BRI, Bank Mandiri, Bank BNI, Shopee, Traveloka and DANA.