MUFG invests $200m in Southeast Asia digital bank Akulaku
Akulaku has a presence in Indonesia, the Philippines, and Malaysia.
Mitsubishi UFJ Financial Group (MUFG) has made a $200 million investment in Akulaku, a banking and digital finance platform in Southeast Asia, headquartered in Jakarta, Indonesia.
Akulaku plans to use the funds expand its banking services across Southeast Asia with an emphasis on reaching underserved customers and markets: new territories, markets, and products will accelerate heading into 2023.
The Indonesian bank raised US$100 million from Siam Commercial Bank (“SCB”), Thailand’s leading full-service bank, in the beginning of 2022.
Akulaku to enhance technology, product development, financing, and distribution
This transaction bookends a momentous year for Akulaku, which has significantly expanded its revenue, user base, GMV, and loan disbursement throughout 2022. The year was also been marked by international recognition, cross-border partnerships, and innovative new products.
Now, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution. Akulaku’s strong technological capabilities in credit, risk management, mobile banking, and customer acquisition will bring solid value to this partnership.
“Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry. By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base. Both companies will benefit from shared skills and knowledge, which will enable us to expand both our products and geographical reach”, said a spokesperson for Akulaku.
Kenichi Yamato, Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank said: “Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet growing financial needs of underserved customers. With Akulaku’s digital financial services backed by its strong technology, our journey with Akulaku will help us further contribute to the growth of this region.”
Akulaku has a presence in Indonesia, the Philippines, and Malaysia. The company provides digital banking, digital financing, digital investment, and insurance brokerage services to underserved customers in emerging markets. Akulaku also operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank supported by Bank Neo Commerce. Akulaku’s mission is to serve 50 million users across Southeast Asia by the year 2025.