Indonesia's Ayoconnect raises $5m in pre-Series B funding round

The fintech firm hopes to build an open bill network in the country.

Indonesian fintech Ayoconnect has raised $5m in a pre-Series B funding round in a bid to build the country’s first open bill network.

The company has raised over $10m to date.

Pre-Series B investors include Bank BRI’s venture capital arm BRI Ventures, Japanese online marketplace Kakaku.com and Indonesia-based Brama One Ventures. Existing investors such as Finch Capital and Amand Ventures also took part.

The firm wants to establish an open bill network and offers a “one API” solution which allows billers to expand their payment points.

Ayoconnect links billers with online and offline channel partners to allow customers to pay their bills through Ayoconnect’s network. It has processed 40 million payment transactions in July, with transaction volumes rising over 400% from January to June.