Before taking this painful decision, Ayoconnect recorded a total annual transaction growth of up to 600%.
Heaptalk, Jakarta — Indonesia’s fintech startup Ayoconnect announced to carry out workforce reduction of 10% in the archipelago. However, the company did not reveal the detailed number of affected employees from this restructuring step.
Ayoconnect claimed the decision was determined after aligning the company’s goals in 2023. As a result, job-cutting move is considered as a strategic effort to create profitable and sustainable business lines by optimizing divisions and shifting to a more streamlined organizational structure.
Regardless of this determination, the startup will ensure its revenue performance and market demand for Fintech-as-a-Service (FaaS) solutions continue to increase. From now on, the company will also focus on developing main products that are adaptive and responsive to market needs.
To strengthen its API service, the startup plans to launch various banking and payment solutions, particularly the Open Banking API for account opening and card issuance. As it is known, API open Banking is a financial service that uses Application Programming Interface (API) technology.
In response to this announcement, the company’s spokesperson stated, “We understand this change will impact our employees and are committed to providing a lot of support during this transition. In addition, we also appreciate the continued support from our stakeholders and are dedicated to maintaining our commitment to innovation, customer satisfaction, and delivering high-quality solutions.”
This fintech startup based in Indonesia will grant multiple comprehensive assistance during this transition period, including severance pay, health insurance for the whole family for six months, and a work placement program to assist affected employees.
Founded in 2016, Ayoconnect aims to revolutionize Southeast Asia’s digital financial services landscape through API solutions. Throughout 2022, the company has secured two rounds of funding, namely pre-series B worth US$15 million in January 2022 and Series B+ worth US$13 million in October 2022.
In the early half of 2021, Ayoconnect also recorded a total transaction growth of up to 600% annually. Besides, this startup’s number of partners has increased annually, attaining 80 partners. Before performing this shocking announcement, Ayoconnect also announced its strategic collaboration with the digital credit startup, Kredivo, to provide an Auto Debit Kredivo feature to simplify financial transactions.
