Jakarta-based fintech company Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank. This is part of a strategic investment that the start-up and his MUFG plan to jointly expand into new markets and products in his 2023. Earlier this year, Akulaku raised his $100 million funding from Siam Commercial Bank as part of another strategic investment. Other backers include Ant Group (Akulaku launched his BNPL partnership with Alipay+ earlier this year).
With operations in the Philippines and Malaysia in addition to Indonesia, Akulaku offers a virtual credit card and installment shopping platform, an investment platform and a neobank. Founded in 2016, it aims to serve 50 million users by 2025.
As part of MUFG’s strategic investment, Akulaku has agreed to cooperate with MUFG companies in Southeast Asia on technology, product development, financing and distribution. MUFG is focused on increasing its presence in the region, and earlier this year he bought Home Credit BV’s Philippines and Indonesia division for €596 million. The focus on Southeast Asia is growing as domestic banks such as Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia capture his MUFG by market capitalization.
“Southeast Asia is key and a second market for MUFG,” said Kenichi Yamato, managing executive officer and chief executive officer of the Global Commercial Banking Business Unit of MUFG Bank, in a statement. Our investment further strengthens our commitment in the region to meet the growing financial needs of our underserved customers.”