Jakarta-based fintech Akulaku raises $200m from Japan’s largest bank
Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank. It’s part of a strategic investment, with the startup and MUFG planning to expand into new markets and products together in 2023. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Its other backers include Ant Group (Akulaku launched a BNPL partnership earlier this year with Alipay+).
Akulaku, which operates in the Philippines and Malaysia in addition to Indonesia, offers a virtual credit card purchasing and installment platform, as well as an investment platform and a neobank. Founded in 2016, its goal is to serve 50 million users by 2025.
As part of MUFG’s strategic investment, Akulaku has agreed to work with MUFG Southeast businesses on technology, product development, financing and distribution. MUFG is focused on growing its presence in the region, and earlier this year it bought the Philippine and Indonesian units of Home Credit BV for 596 million euros. Its focus on Southeast Asia comes as local banks, like Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia, gain on MUFG in market capitalization.
In a statement, Kenichi Yamato, Managing Director and Managing Director of MUFG Bank’s Global Commercial Banking Business Unit, said: “South East Asia is key and a second market for MUFG. Our investment in Akulaku will further strengthen our commitment to this region to meet the growing financial needs of underserved customers. »