Ayoconnect intends to use the funds to increase its capacity to satisfy the growing customer demand for new products and use cases. Credit: Ayoconnect.

Ayoconnect, a leading open finance API platform in Indonesia, has raised $15m in a Series B financing round to support its growth.

Tiger Global led the financing round, with participation from Prosus’ payments and fintech business PayU, and Alto Partners.

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Several individual strategic investors also joined.

Ayoconnect intends to use the proceeds to meet the growing customer demand for new products and use cases.

Through the API network, Ayoconnect enables companies to embed the financial products in plug-and-play fashion instead of building or buying new technology.

The company has more than 200 API customers and 4,000 embedded finance products.

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Ayoconnect’s embedded finance platform helps companies to launch financial products using APIs such as embedded insurance, utilities payments, phone top-up, and auto-billing.

Its Banking-as-a-Service APIs offers disbursement, investment, account opening, credit, savings, as well as other capabilities.

Ayoconnect CEO and co-founder Jakob Rost said: “We are building the AWS of open finance with the most complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow. We are proud to receive the backing of some of the world’s most renowned investors.”

The company now plans to launch direct debit service in the first half of this year. It also aims to expand regionally.