Aditya Hadi Pratama · · 1 min readAkulaku eyes US listing via merger with Patrick Grove’s SPAC
Indonesia-based fintech firm Akulaku is in early talks with Catcha Investment Corp – a special purpose acquisition company set up by Catcha Group co-founder Patrick Grove – for a US listing this year, Bloomberg reported, citing people with knowledge of the matter.
Akulaku aims to raise US$200 million to US$300 million in an IPO process that may put its valuation at US$2 billion, according to a source.
Founded in 2016, the company offers virtual credit card services for online and offline transactions, while operating a peer-to-peer lending unit called Asetku. It counts Ant Financial, Sequoia Capital, and Shunwei Capital as its investors.
In the first half of 2021, Akulaku posted a 150% rise in revenue that brought the figure to US$274 million, bolstered by a swift recovery in its alternative credit business following a hit from the Covid-19 pandemic.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
Editing by Collin Furtado and Lorenzo Kyle Subido
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