Indonesian fintech firm Ayoconnect lays off 10% workforce

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Indonesian fintech firm Ayoconnect lays off 10% workforce
Indonesian fintech firm Ayoconnect lays off 10% workforce

With its main offerings including direct debit, virtual cards, instant transfers, and digital products, the fintech firm offers full-stack payment API solutions for businesses

As part of efforts to pursue “profitable and self-sustaining business lines,” the Indonesian fintech firm Ayoconnect has laid off 10% of its workforce in the country, according to a statement.

The decision was made after “carefully aligning objectives for 2023” to transition to “a leaner organisational structure,” the company said.

“We aim to position Ayoconnect for a stronger future by remaining agile and responsive to market needs,” a spokesperson said.

According to its website, the fintech firm has about 200 employees. Jakob Rost founded the Jakarta-based company in 2016 along with Chiragh Kirpalani and Adi Vora. Jakob Rost previously worked as a managing director for Lazada.

With its main offerings including direct debit, virtual cards, instant transfers, and digital products, the fintech firm offers full-stack payment API solutions for businesses. Across Southeast Asia, it is said to have more than 200 clients.

In terms of funding, the fintech startup has raised a total of US$43 million. In October 2022, its latest round was the US$13 million Series B+.

Affected employees will receive severance pay, continued medical insurance for the entire family for six months, and an outplacement program to help them find new jobs.

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