Ayoconnect, the Indonesian bill payment startup, on Wednesday announced that it raised USD 5 million in a pre-Series B round led by BRI Ventures, the corporate VC arm of state-owned bank BRI. In the round further participated the Japanese internet firm Kakaku and existing investors such as Finch Capital, Amand Ventures, and AC Ventures.
According to DailySocial, the company also used the occassion to rebrand itself from Ayopop to Ayoconnect.
CEO and co-founder Jakob Rost said the capital will be invested in the company’s backend infrastructure and network expansion. Ayoconnect will also increase staff in its Indonesian headquarter and technology-focused office in India.
“We expect a solid partnership with our existing and new investors, in accordance with Ayoconnect’s vision to shape Indonesia’s billing ecosystem into a centralized network,” said Rost.
Utilizing Ayoconnect’s platform, bill issuers can expand their payment points and collect payments faster and cheaper. Bill categories include phone credits, electricity payment, and game vouchers. The company recently started channels for recurring property and tuition payment. Ayoconnect currently has 600 bill providers and 40 channel partners on board.
To date, the company has raised over USD 10 million. The latest undisclosed amount of Series A funding happened back in 2017.