Akulaku, the Jakarta-based Financial Technology company, Raises $200M from Japan’s Largest Bank
Akulaku, a Jakarta-based financial technology startup, has raised a whopping $200 million from Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG). This marks the biggest ever single round of funding for a Fintech company in the Southeast Asian region.
Founded in 2017, Akulaku operates an online consumer finance platform. It offers services such as consumer loans, installment purchasing, cross-border payments, and more. Akulaku currently has around 54 million users in Indonesia, Philippines, Vietnam, and Malaysia.
Why MUFG Invested in Akulaku?
MUFG plans to expand its digital finance business in Singapore, and the funding Akulaku will help the bank to swiftly enter the Southeast Asian market. The digital finance industry in the region is currently experiencing tremendous growth, which makes the idea attractive to MUFG. This will also give them access to a high-growth consumer finance platform.
Key Highlights of Akulaku
Akulaku aims to provide financial services and products to the unbanked population and to those with limited access to formal credit in the region.
- Provide consumer loans:Akulaku offers consumer loans to help individuals purchase goods without the need for upfront payment.
- Installment Purchasing:Akulaku allows customers to purchase goods on installments and make payments in small amounts over time.
- Digital Wallet:Akulaku also provides a digital wallet that customers can use to make payments with their mobile phone.
The new capital will be used to expand Akulaku’s digital financial services and product offerings, to increase their tech infrastructure, and to reach more unbanked people in the region. The $200M investment by MUFG makes it the largest single round of funding for a Fintech company in Southeast Asia and shows the immense potential of Akulaku in the digital finance industry.