financial technology based in Jakarta Akulaku raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan. This is part of a strategic investment, as the startup and MUFG plan to expand into new markets and products together by 2023. Earlier this year, Akulaku raised $100 million financing from Siam Commercial Bank as part of an investment project. other strategic investment. Its other backers include Ant Group (Akulaku kicked off a BNPL partnership earlier this year with Alipay+).
Akulaku, which operates in the Philippines and Malaysia in addition to Indoensia, offers a virtual credit card and installment shopping platform, as well as an investment and neobank platform. Founded in 2016, its goal is to serve 50 million users by 2025.
As part of MUFG’s strategic investment, Akulaku has agreed to partner with MUFG companies in Southeast Asia on technology, product development, financing and distribution. MUFG is focused on strengthening its presence in the region and earlier this year it purchased units of Home Credit BV in the Philippines and Indonesia. for 596 million euros. The focus on Southeast Asia is due to domestic banks, such as Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia. MUFG increases market capitalization.
In a statement, Kenichi Yamato, managing director and chief executive officer of MUFG Bank’s Global Commercial Banking Business Unit, said, “Southeast Asia is MUFG’s second and key market. Our investment in Akulaku will further strengthen our commitment in this region to meet the growing financial needs of underserved customers.”