Akulaku raises $200M from Japan’s largest bank

The largest Japanese bank, Mitsubishi UFJ Financial Group (MUFG), has contributed $200 million to Jakarta-based fintech Akulaku. The company and MUFG intend to jointly grow into new markets and products in 2023 as part of a strategic investment.

In an additional strategic investment earlier this year, Siam Commercial Bank provided finance to Akulaku in the amount of $100 million. Ant Group (Akulaku signed a BNPL relationship with Alipay+ earlier this year) is one of its other backers.

In addition to operating in Indonesia, Akulaku also has operations in the Philippines and Malaysia. It provides a virtual credit card, an instalment purchasing platform, an investing platform, and a neobank. By 2025, it hopes to serve 50 million people after being founded in 2016.

Akulaku has pledged to collaborate with MUFG enterprises in the Southeast Asian region on tech, product development, financing, and distribution as part of MUFG’s strategic commitment. With a goal of expanding its market share in the area, MUFG paid €596 million earlier this year to acquire Home Credit BV’s operations in the Philippines and Indonesia. It has shifted its attention to Southeast Asia as regional banks like Bank Central Asia in Indonesia and DBS Group Holdings in Singapore outperform MUFG in terms of market capitalization.

Southeast Asia is a crucial and secondary market for MUFG, according to Kenichi Yamato, managing executive officer and chief executive of MUFG Bank’s Global Commercial Banking Business Unit. Our investment in Akulaku will strengthen our dedication to serving underserved customers’ expanding financial demands in this area.

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