Aditya Hadi Pratama · · 1 min readAkulaku to increase stake in Indonesian digibank to 40%
Fintech lender Akulaku is set to increase its ownership at Bank Neo Commerce – an Indonesian digital bank – to around 40% or more, reported DealStreetAsia, citing a statement from the former’s CEO William Li.
According to Li, Akulaku is raising funds ahead of a planned IPO. In January, Bloomberg reported that the company was in early talks with Patrick Grove’s SPAC for a US listing this year.
The fintech firm is also aiming to consolidate its wealth management and insurance businesses.
Based on a disclosure to the Indonesian stock exchange, Akulaku owned a 25.7% stake in Bank Neo Commerce as of May 23. Launched in March 2021, the digital bank currently has around 13 million users in the country.
The development comes on the heels of Akulaku receiving US$400 million in investments, with Bank Neo Commerce raising US$180 million through a rights issue transaction.
In 2021, the fintech lender doubled its annual revenue to US$598 million and reported a 136% year-on-year increase in total gross merchandise value to US$5.8 billion. Total users on Akulaku’s platform also tripled to 26 million, and it had 4.8 million monthly active users.
See also: The tech companies bankrolling Indonesia’s digital banks
Editing by Miguel Cordon and Lorenzo Kyle Subido
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