Jakarta-based fintech Akulaku raises $200M from Japan's biggest bank
Akulaku, which works in the Philippines and Malaysia notwithstanding Indoensia, offers a virtual charge card and portion shopping stage, as well as a speculation stage and neobank.
Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the biggest bank in Japan. This is essential for an essential venture, with startup and MUFG wanting to venture into new business sectors and items together in 2023. Recently, Akulaku brought $100 million up in subsidizing from Siam Commercial Bank as a component of another essential venture. Its different patrons incorporate Subterranean insect Gathering (Akulaku sent off a BNPL organization recently with Alipay+).
Akulaku, which works in the Philippines and Malaysia notwithstanding Indoensia, offers a virtual charge card and portion shopping stage, as well as a speculation stage and neobank. Founded in 2016, its objective is to serve 50 million clients by 2025.
As a feature of MUFG's essential speculation, Akulaku has consented to work with MUFG companies in the Southeast Asian locale on tech, item improvement, funding and dispersion. MUFG is centered around developing its presence in the area, and recently it bought the Philippines and Indonesian units of Home Credit BV for €596 million. Its attention on Southeast Asia comes as local banks like Singapore's DBS Gathering Possessions and Indonesia's Bank Focal Asia gain on MUFG in market cap.
In a proclamation, Kenichi Yamato, the overseeing top dog and CEO of MUFG Bank's Worldwide Commercial Financial Specialty Unit, said "Southeast Asia is critical and a second market to MUFG. Our interest in Akulaku will additionally cement our commitment around here to meet developing monetary necessities of underserved clients."