Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Monetary Group (MUFG), the most important financial institution in Japan. That is a part of a strategic funding, with startup and MUFG planning to increase into new markets and product collectively in 2023. Earlier this 12 months, Akulaku raised $100 million in funding from Siam Business Financial institution as a part of one other strategic funding. Its different backers embody Ant Group (Akulaku launched a BNPL partnership earlier this 12 months with Alipay+).
Akulaku, which operates within the Philippines and Malaysia along with Indoensia, presents a digital bank card and installment buying platform, in addition to an funding platform and neobank. Based in 2016, its goal is to serve 50 million customers by 2025.
As a part of MUFG’s strategic funding, Akulaku has agreed to work with MUFG firms in Southeast on tech, product improvement, financing and distribution. MUFG is concentrated on rising its presence within the area, and earlier this 12 months it bought the Philippines and Indonesian models of Residence Credit score BV for 596 million euros. Its give attention to Southeast Asia comes as homegrown banks, like Singapore’s DBS Group Holdings and Indonesia’s Financial institution Central Asia achieve on MUFG in market cap.
In a press release, Kenichi Yamato, the managing govt officer and chief govt of MUFG Financial institution’s International Business Banking Enterprise Unit, stated “Southeast Asia is essential and a second market to MUFG. Our funding in Akulaku will additional solidify our dedication on this area to fulfill rising monetary wants of underserved prospects.”