Finch Capital, an early-stage fintech VC firm with a focus on Europe and Southeast Asia, has led a Series A funding round of an undisclosed amount in Indonesian mobile bill payment startup Ayopop.com.
A representative of Finch Capital will join Ayopop’s board upon investment. The VC firm was earlier known as Orange Growth Capital.
Ayopop raised $1 million in a seed round led by GREE Ventures in April this year. Sandeep Tandon, the founder of India’s mobile payments platform FreeCharge, and other angel investors had also participated in that round.
Ayopop’s platform aggregates several hundred bill products from utilities, lenders, insurances, banks and government bodies and helps individuals and institutions to better manage their money collections. Ayopop offers 15,000 cash collection points across the country.
Hans de Back, Partner at Finch Capital, said that the VC firm was impressed with Ayopop’s growth, execution and product development.
“Ayopop has become a one-stop payments solution for Indonesian consumers that takes care of a variety of their needs. We look forward to working with the team during the next growth phase,” he stated.
Ayopop declined to comment on the investment or reveal its future plans using the fresh funds.
“We are very happy about the round and are currently focusing all our efforts to continue to build the company. We do not plan to reveal more details at this stage,” Jakob Rost, co-founder and CEO of Ayopop, told this portal.
Bill payment is the latest vertical in Indonesia that both corporates and investors are actively tapping into. Ride-hailing unicorn Go-Jek recently introduced Go-Bills, a new feature on its platform that allows users to pay for daily bills using GoPay. Through this service, Go-Jek app users can pay utility bills and National Health Insurance (BPJS) premiums.
Digital News Asia reported that Go-Jek now has 16-18 million active users and 50 per cent of them use GoPay three to four times daily. The Go-Jek app has been downloaded 44 million times as of June 2017.