Fintech located in Jakarta AkulakoThe largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG) provided $200 million. This is part of a strategic partnership between the startup and MUFG, which aims to expand into new markets in 2023. Siam Commercial Bank funded Akulaku with $100 million earlier this year. Another strategic investment. Ant Group (Akulaku also launched a BNPL Partnership earlier this year with Alipay+) are its other backers.
Akulaku operates in Indoensia and the Philippines. It offers a virtual credit card, installment shopping platform, an investment platform, and a bank. It was established in 2016 and aims at serving 50 million users by 2025.
Akulaku has agreed that he will work with MUFG companies throughout the Southeast in technology, product development and financing. MUFG is focusing on expanding its presence in the region. It purchased units of Home Credit BV in Indonesia and the Philippines earlier this year. For 596 million euros. Its main focus is on Southeast Asia, as local banks such as the DBS Group Holdings in Singapore and the Bank of Central Asia in Indonesia. MUFG gains in market capitalization.
Kenichi Yamato is the CEO and chief executive officer of MUFG’s Global Commercial Banking Business Unit. Our investment in Akulako will solidify our commitment in this region to meet the growing financial needs of underserved clients.”
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