Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan. 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. Its other backers include Ant Group (Akulaku launched a BNPL partnership earlier this year with Alipay+).
Akulaku, which operates in the Philippines and Malaysia in addition to Indoensia, offers a virtual credit card and installment shopping platform, as well as an investment platform and neobank. Founded in 2016, its target is to serve 50 million users by 2025.
As part of MUFG’s strategic investment, Akulaku has agreed to work with MUFG companies in the Southeast Asian region on tech, product development, financing and distribution. MUFG is focused on growing its presence in the region, and earlier this year it purchased the Philippines and Indonesian units of Home Credit BV for €596 million. Its focus on Southeast Asia comes as homegrown banks like Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia gain on MUFG in market cap.
In a statement, Kenichi Yamato, the managing executive officer and chief executive of MUFG Bank’s Global Commercial Banking Business Unit, said “Southeast Asia is key and a second market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet growing financial needs of underserved customers.”