Akulaku CEO William Li
Indonesia-based banking and digital finance platform Akulaku has secured a US$200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG).
The investment will support its expansion of banking services across Southeast Asia, including underserved customers and markets.
The company’s future growth plans align with MUFG’s, and their joint expansion into new territories, markets, and products will accelerate heading into 2023.
This is the second strategic investment in the company this year, following the US$100 million in funding closed with Thailand’s Siam Commercial Bank early this year.
Along with the investment, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution.
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“Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry,” the company said in a statement. “By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base. Both companies will benefit from shared skills and knowledge, enabling us to expand our products and geographical reach.”
“Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment to this region to meet the growing financial needs of underserved customers. With Akulaku’s digital financial services backed by its strong technology, our journey with Akulaku will help us further contribute to the growth of this region,” said Kenichi Yamato, Managing Executive Officer and CEO of the Global Commercial Banking Business unit at MUFG Bank.
Akulaku is a leading banking and digital finance platform in Southeast Asia, with a presence in Indonesia, the Philippines, and Malaysia. Akulaku helps meet the daily financial needs of underserved customers in emerging markets through digital banking, digital financing/investment, and insurance brokerage services.
In addition to the Akulaku virtual credit card and e-commerce platform, the company operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank supported by Bank Neo Commerce.
Akulaku has so far raised US$648 million over 12 equity rounds from investors such as Ant Group, Sequoia India, Qiming Venture Partners, and Arbor Ventures.
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