Indonesian fintech firm Akulaku sees 122% rise in annual revenue

Indonesia-based fintech firm Akulaku more than doubled its annual revenue to US$598 million in 2021, bolstered by rising demand for its neobanking unit’s services.

Photo credit: Akulaku

However, the company has not disclosed its net profit for the year.

Akulaku also reported a 136% year-on-year increase in total gross merchandise value to US$5.8 billion. The platform’s total users more than tripled to 26 million, and its monthly active users increased to 4.8 million.

While Akulaku posted a total loan disbursement of over US$2.2 billion for the year, cash installment volumes more than tripled from 2020. The share of non-performing loans over 90 days was also marked at 6.3%, which is lower than the company’s pre-Covid-19 level.

This comes on the heels of the company receiving US$400 million in investments, with its unit Bank Neo Commerce (BNC) raising US$180 million through a rights issue transaction on the Indonesia Stock Exchange, pushing BNC’s market capitalization to about US$1.7 billion.

The company posted a 150% rise in revenue for the first half of 2021 on the back of growth in its alternative credit business.

See also: How Gojek-backed Bank Jago is taking on Sea, Akulaku’s digibanks