Akulaku Finance Indonesia president director Perry Barman Slangor / Photo credit: Akulaku
As Indonesia’s buy now, pay later market surges, Akulaku is betting its next phase of growth on a familiar playbook: tapping underserved cities beyond Java.
Perry Barman Slangor, president director of Akulaku Finance Indonesia, says the company will focus on expanding in Tier 2 and Tier 3 cities this year. Target regions include Sumatra, Sulawesi, and Kalimantan.
“Our presence is still largely concentrated in Java, so we see an opportunity to expand further beyond it by tapping into existing demand,” he tells Tech in Asia in an interview.
Transactions using BNPL in Indonesia grew 53% year on year to 12.6 trillion rupiah (US$726 million) as of February, according to data from the country’s Financial Services Authority.
This growth is reflected in Akulaku’s performance in Indonesia last year, with revenue rising 68% year on year to US$86 million and net profit increasing 55% to US$5.6 million.
Financing disbursements rose 23% over the same period to US$426 million. Slangor says the company is targeting another double-digit growth in its loan book this year.
Previously, Akulaku was reported to be targeting financing disbursements of US$473 million, or a 12% increase, for 2026.
However, the company’s cash declined by around 59% to US$13.2 million at the end of 2025. Many startups have tried to expand to Tier 2 and Tier 3 cities before – what is Akulaku’s strategy for expansion amid this cash decline?
Expanding sustainably
Akulaku is currently available as a payment method for around 20,000 offline merchants across Indonesia, where users can transact through its paylater service.
On the online side, the company operates a marketplace app that has been downloaded more than 100 million times on the Google Play Store. It also has partnerships with other ecommerce players such as TikTok Shop and Lazada.
As part of this year’s expansion, Akulaku plans to onboard new merchants in cities where it already has a presence. Slangor emphasizes that the expansion will be carried out “sustainably,” prioritizing prudent credit acquisition supported by strong know-your-customer processes and risk management.
One way Akulaku is doing this is through integrating AI into its operations, which it uses to detect fraud and enhance its credit scoring system by analyzing data and consumer behavior.
The company also conducts financial literacy programs, particularly in Tier 2 and Tier 3 areas where consumers may be less familiar with using digital payment apps.
Navigating the global headwinds
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