Ant-backed Akulaku raises $200m from Japan’s MUFG

Ant Financial-backed Akulaku has secured a US$200 million investment from Japanese lender Mitsubishi UFJ Financial Group (MUFG), according to an official release from the fintech startup.

Akulaku office / Photo credit: Akulaku

The capital infusion counts as the second strategic investment closed by the Indonesia-based company this year, following the US$100 million funding it raised from Siam Commercial Bank at the start of this year – a deal that valued Akulaku at over US$1 billion.

The company had also raised US$10 million in debt funding from Lend East in March.

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Founded in 2016, Akulaku made its name in the Indonesian market as a virtual credit card and ecommerce platform before later expanding into wealth management through its Asetku platform. In 2021, it ventured into the digital banking space through its acquisition of local lender Bank Neo Commerce.

The company, which also has operations in Malaysia and Vietnam, says the fresh capital is expected to fuel its mission of providing financial services across Southeast Asia. It will be working with MUFG companies across the region on technology, product development, financing, and distribution.

For MUFG, the investment marks the firm’s latest effort to tap the opportunity in the consumer credit technology space. The Japanese megabank is set to acquire 70% of Kanmu, a Japanese startup that provides credit scoring capabilities, for around US$150 million, as reported by Nikkei Asian Review earlier this week.