Heaptalk, Jakarta — An open finance API startup, Ayoconnect, reproted to boost its business by over 50% in 2023. According to its official release, this strong growth was promoted by the launch of the White-Label Virtual Cards innovation, released with Mastercard and the Instant Transfer API in early 2023.
As is known, the technology industry has faced multiple crises, aggravatedd by the global economy turbulence, the Covid-19 pandemic, and intense business competition. Plenty of efforts, including strategy adjustments, were also performed by startups to prioritize financial resilience and long-term business sustainability.
Encountering the tech winter, the CEO and Founder of Ayoconnect, Chiragh Kirpalani, is optimistic that the digital economic landscape will remain aligned with government reform and the growth of private consumption as the main driver of economic growth.
Regardless of the business obstacles, Ayoconnect continues to adapt to existing challenges by strengthening strategic collaboration with about 240 partners in various sectors. In June 2023, this fintech company also succeeded in becoming the main initiator of the 2023 Open Finance Summit.
In 2023, this fintech also served around 50 clients integrated with its API services, covering Bluebird, Bank Syariah Indonesia, Kredivo, JULO, KiriminAja, Bank DKI, BMI Syariah Cooperative, and MNC Group. Implementing effective strategies to help clients has been realized through API-based features, such as digital products (PPOB), recurring payments, embedded lifestyle, and instant transfers, made possible by Bank Indonesia’s national retail payment system infrastructure, BI-Fast.
This achievement cannot be separated from the support of Ayoconnect investors, including Mandiri Capital Indonesia, Tiger Global, SIG, PayU, Mastercard, and BRI Ventures. In October 2023, this startup landed its additional injection worth US$13 million in a Series B+ round led by SIG Venture Capital and was backed by Innovation Capital, PayU, and Prosus. With this additional fresh fund, Ayoconnect has gained the total funds at US$28 million for equity funding.
“Ayoconnect’s achievement proves the company’s goal of amplifying innovation and strategic collaboration. We proudly welcome new clients into our ecosystem and look forward to continuing the journey towards a more inclusive and accessible financial landscape for Indonesia.” Chiragh concluded.
