Fintech start-up Ayoconnect, formerly known Ayopop has announced it has raised US$5 million in a pre-Series B funding round. This fresh fund takes the company’s total capital over the US$10 million mark.
According to the statement released by the company, early-stage venture capital backers like Finch Capital and Amand Ventures also participated in the round of funding.
Newcomers joining in also include Kakaku.com, Brama One Ventures, and Indonesian Government-owned Bank BRI’s corporate venture capital wing BRI Ventures.
Providing services of 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 within Ayoconnect’s network.
Co-founder and CEO of Ayoconnect Jakob Rost commented “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.”
CEO of BRI Ventures Nicko Widjaja also stated “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 democratizing digital products within the Indonesian fintech ecosystem over the coming years,” he added.