Indonesia-based startup Digital finance platform Akulaku raises USD 200 million in funding

Akulaku (“the Company”), a prominent Southeast Asian banking and digital finance platform, received a USD 200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG). The investment will help Akulaku’s expected expansion as it aims to deliver banking services throughout Southeast Asia, focusing on reaching underserved people and markets.

 The Company’s future growth objectives align with MUFG, and the businesses’ combined expansion into new territories, markets, and products will increase in 2023. This is the Company’s second significant investment this year, after the USD 100 million in funding closed in early 2022 from Siam Commercial Bank (“SCB”), Thailand’s top full-service bank.

In addition to the investment, Akulaku and MUFG will engage in a framework agreement through which Akulaku will collaborate with MUFG enterprises throughout Southeast Asia on technology, product development, finance, and distribution. The cooperation will benefit from Akulaku’s excellent technical skills in credit, risk management, mobile banking, and client acquisition.

“Akulaku’s focus on emerging countries has revealed a large, neglected population in the banking industry,” the Company stated. We will have the expertise, resources, and services to address the long-term demands of our increasing client base by cooperating with MUFG, another creative financial institution. Both organizations will benefit from pooled talents and experience, allowing us to broaden our product offerings and geographical reach.”

Kenichi Yamato, Managing Executive Officer and Chief Executive Officer of the Global Commercial Banking Business Unit of MUFG Bank:

“Southeast Asia is critical and a second home market for MUFG. Our investment in Akulaku will strengthen our commitment to meeting the rising financial requirements of underserved clients in this region. Our adventure with Akulaku will let us further contribute to the progress of this region by providing digital financial services underpinned by robust technology.”

This purchase caps off a historic year for Akulaku. Throughout 2022, the Company considerably increased its income, user base, GMV, and loan disbursement. This year has also seen worldwide recognition, cross-border collaborations, and the introduction of creative new goods.

About the startup:

Akulaku is a significant Southeast Asian banking and digital financial platform, having offices in Indonesia, the Philippines, and Malaysia. Akulaku exists to help underrepresented clients in emerging economies fulfill their everyday financial needs through digital banking, finance, investing, and insurance brokerage services. The firm also operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank sponsored by Bank Neo Commerce, in addition to the Akulaku virtual credit card and e-commerce platform. Akulaku’s goal is to service 50 million people in Southeast Asia by 2025.

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