Siam Commercial Bank invests $100m in Akulaku

Akulaku, a Jakarta-based digital banking and finance platform, has received a $100 million strategic investment from Siam Commercial Bank, one of Thailand’s major lenders, to expand its footprint in Southeast Asia, according to a statement released on Tuesday by the fintech startup.

The agreement comes on the heels of Akulaku’s successful fundraising last year, which netted the company and its subsidiary $300 million in new financing.

“Our recent round of funding will allow us to continue that vision by further expanding the geographic reach of our offerings across Southeast Asia and enable us to continue introducing innovations to serve our customers.”

According to the announcement, Akulaku raised $125 million last year, while its publicly traded bank subsidiary Bank Neo Commerce raised $175 million from a rights issue the previous quarter.