Miguel Cordon · · 1 min readNetbank, Akulaku team up to provide loans to underserved Filipinos
Photo credit: Akulaku
Netbank, a banking-as-a-service startup based in the Philippines, has partnered with Akulaku to help the Indonesian fintech major provide loans to underserved Filipinos.
The partnership will connect Akulaku’s users to Netbank’s “loans-as-a-service” model. According to Netbank’s website, the firm funds loans and provides payment tools for alternative and traditional lenders in the Philippines.
Tech in Asia has reached out to Akulaku and Netbank to learn more.
Founded in 2019, Netbank offers solutions that enable other fintech firms to open accounts, make payments, collect funds, and issue cards for their users. It also provides these services to neobanks and e-wallet companies.
Netbank said it is the first embedded finance platform in Southeast Asia operating on a full banking license. It last raised funding in a series A round earlier this year.
Meanwhile, Akulaku’s services include virtual credit cards, wealth management, and digital banking through Bank Neo Commerce. Besides Indonesia and the Philippines, it is present in Malaysia and Vietnam.
The Indonesian firm’s latest fundraise came in December last year, when it secured US$200 million from Mitsubishi UFJ Financial Group to expand across Southeast Asia.
Editing by Putra Muskita and Lorenzo Kyle Subido
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