Ayoconnect Raises $13M Series B Extension for Open Finance Expansion

Ayoconnect, an Indonesia-based open finance platform offering embedded finance and BaaS APIs, announced a $13 million Series B extension round in October 2022. The round was led by SIG Venture Capital with participation from CE Innovation Capital. PayU, the payments and fintech arm of Prosus and an existing investor, also increased its stake in the company.

The funding brought Ayoconnect's total capital raised in 2022 to $28 million. The company stated it would use the new capital to expand its leadership team, invest in product and technology development, and execute its roadmap for new solutions. Key areas of development include payments, data, banking, and new APIs specifically for account opening and card issuing.

The round underscored continued investor confidence in the Southeast Asian BaaS and open finance space.