Gabriel Budi Sutrisno · · 2 min readHSBC Singapore injects up to $100m debt financing into Akulaku
Akulaku office / Photo credit: Akulaku
Indonesia-based online lending platform Akulaku has a commitment of up to US$100 million in debt financing from HSBC Singapore.
“This deal reinforces our commitment to support new economy businesses as they move along the different growth stages and expand across the region,” said HSBC Singapore’s Shaun Sakhrani, head of structured banking for Southeast Asia.
Reuters first reported on the news, citing Akulaku CEO William Li. The new financing will be used to pay off some of Akulaku’s current debts, the report added.
This comes weeks after Indonesia’s Financial Services Authority (OJK) removed restrictions on Akulaku’s buy now, pay later service. The firm previously faced limited operations following alleged violations of the supervisory obligations that the OJK requires of BNPL offerings.
The company last raised US$200 million from Japan’s Mitsubishi UFJ Financial Group in December 2022. Other past backers include Siam Commercial Bank and Ant Financial.
Aside from BNPL, Akulaku’s services include virtual credit cards and wealth management offerings. It also offers digital banking services through Bank Neo Commerce.
Akulaku’s latest raise follows several exits from the BNPL space across the region. Recently, Bukalapak said it shuttered its staggered payment offering BukaCicilan. ShopBack also discontinued its paylater service, while Pace filed for liquidation in November last year.
See also: Indonesia puts more constraints on online lenders, but at what cost?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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