Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank. This is part of a strategic investment, with startup and MUFG planning to expand into new markets and products together in 2023. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Other lenders include Ant Group (Akulaku launched a BNPL partnership with Alipay+ earlier this year).
Operating in the Philippines and Malaysia in addition to Indonesia, Akulaku offers a virtual credit card and installment store platform, as well as an investment platform and neobank. Founded in 2016, it aims to serve 50 million users by 2025.
As part of MUFG’s strategic investment, Akulaku has agreed to partner with MUFG companies in the Southeast in technology, product development, financing and distribution. Focusing on increasing its presence in the region, MUFG bought Home Credit BV’s Philippine and Indonesian units for EUR 596 million earlier this year. The focus on Southeast Asia comes as homegrown banks such as Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia gain MUFG in market capitalization.
In a statement, Kenichi Yamato, the managing director and chief executive of MUFG Bank’s Global Commercial Banking Business Unit, said: “Southeast Asia is key and a second market for MUFG. Our investment in Akulaku will further strengthen our commitment in this region to meet the growing financial needs of underserved customers.”