Ayoconnect Raises $13M Series B Extension for Embedded Finance APIs

Ayoconnect, an open finance startup based in Southeast Asia, announced a $13 million Series B extension on October 13, 2022, to expand its embedded finance API platform. The company provides APIs that enable banks, fintechs, and other businesses to embed financial products such as ticketing and payments directly into their platforms. Ayoconnect serves approximately 200 customers across the region, including banks and fintech companies, positioning it as a key infrastructure player in Southeast Asian embedded finance.

The funding will be used to enhance its API offerings and broaden its customer base, furthering financial inclusion goals across the region. Specific investors in the extension round were not detailed in the source. The round underscores growing investor interest in embedded finance infrastructure in emerging markets, where digital financial services adoption is rapidly accelerating.

Ayoconnect's open finance model enables both financial and non-financial platforms to offer financial services without building banking capabilities from scratch.