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Financial service enabler Ayoconnect bags $15M funding
Open finance platform Ayoconnect has received $15 million in funding to expand in the region and launch direct debit and payment card services.
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Ayoconnect founder and COO Chiragh Kirpalani (left) and cofounder and CEO Jakob Rost. (Courtesy of Ayoconnect/-)
Open finance platform Ayoconnect has closed a US$15 million series B funding round to launch new products and use cases.
The company’s latest funding was led by United States-based investment firm Tiger Global. PayU, the payments and fintech business of investment company Prosus, Alto Partners and individual investors, such as Bank Jago chairman and commissioner Jerry Ng, also participated in the round.
“We are delighted to join in Ayoconnect’s journey as it evolves its offerings to serve more businesses, helps the next generation of start-ups to grow and brings a higher degree of inclusion to the entire region,” PayU global head of mergers and acquisitions (M&A) and investments Fady Abdel-Nour said in a statement.
Ayoconnect also raised $15 million in its pre-series B round last year.
The company said in a statement that it planned to launch a direct debit service that allowed automated recurring payments directly from customers' bank accounts in the first half of 2022.
“Plans are underway to offer […] cards-as-a-service [CaaS,] and Ayoconnect is set to begin its regional expansion,” the statement reads.
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