Jakarta-based fintech Akulaku raises $200 million from Japan's largest bank

Jakarta-based fintech Akulaku raises $200 million from Japan's largest bank


Jakarta-based fintech company Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank. This is part of a strategic investment the startup and its MUFG plans to expand into new markets and products together in his 2023. Earlier this year, Akulaku raised his $100 million funding from Siam Commercial Bank as part of another strategic investment. Other backers include Ant Group (Akulaku launched his BNPL partnership with Alipay+ earlier this year).

With offices in the Philippines and Malaysia alongside India, Akulaku offers a virtual credit card and installment buying platform, an investment platform and a neobank. Founded in 2016, the company aims to serve 50 million users by 2025.

As part of MUFG's strategic investment, Akulaku has agreed to collaborate with his MUFG companies in the Southeast Asia region on technology, product development, financing and sales. Aiming to expand its presence in the region, MUFG this year acquired Home Credit BV's operations in the Philippines and Indonesia for €596 million. The focus is on Southeast Asia as domestic banks such as Singapore's DBS Group Holdings and Indonesia's Bank Central Asia are gaining market cap against his MUFG.

“Southeast Asia is an important and secondary market for MUFG,” said Kenichi Yamato, Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank, in a statement. The investment in Akulaku further strengthens our commitment to the region to meet the growing financial needs of underserved customers. "