Akulaku office / Photo credit: Akulaku
Preferred shareholders of Akulaku, the Indonesian fintech major, are looking to sell US$100 million in shares at a discount of 20% to 30% from its latest round, according to VentureCap Insights data.
In December 2022, the company secured US$200 million from Japanese lender Mitsubishi UFJ Financial Group (MUFG). This came after Siam Commercial Bank injected US$100 million in Akulaku, pushing it to unicorn status.
Other investors in the fintech company include Ant Group, Sequoia Capital, and IDG Capital. VentureCap currently pegs Akulaku’s valuation at around US$1.7 billion.
Tech in Asia has reached out to Akulaku for more details.
Founded in 2014, Akulaku provides services such as consumer credit and buy now, pay later. It also offers digital banking via Bank Neo Commerce and online wealth management through Asetku.
In particular, Bank Neo Commerce has performing well recently. Net interest income rose 301.98% to US$15.1 million in January 2023, up from US$3.8 million in the same month last year. The company also recorded US$440,000 in profit against a loss of about US$10.4 million during the same timeframe.
In 2022, it was also reported that Akulaku will increase its stake in Bank Neo Commerce to roughly 40% ahead of a planned IPO. Akulaku is one of the companies that was said to be in early talks with Patrick Grove’s Catcha Investment Corp – a special purpose acquisition company set up by the Catcha Group co-founder.
See also: BNPL struggles amid global recession – except in Southeast Asia
Editing by Thu Huong Le and Eileen C. Ang
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