Akulaku Inc, an Indonesian online lender backed by Jack Ma’s Ant Group Co., has raised US$100 million from one of Thailand’s largest lenders, Siam Commercial Bank, to grow its business in Southeast Asia. Southeast Asia, which has a population of almost 650 million people, has seen a surge in funding and startup acquisitions as businesses seek to expand quickly and win over customers in one of the world’s fastest-growing digital markets. Akulaku said in a statement, on Feb 15, that the capital increase from Siam Commercial Bank Plc. comes after a US$125 million funding round led by its existing investor and financing partner, Silverhorn Group, a Hong Kong multi-asset investment group, in 2021.
“Akulaku was founded in 2016 to satisfy the daily financial needs of underserved customers in emerging economies. Our newest round of funding will enable us to pursue that mission by expanding the geographic reach of our offerings across Southeast Asia and bringing new innovations to better serve our clients,” said Akulaku’s Chief Executive Officer, William Li.
The fintech startup has evolved to become Indonesia’s largest Buy Now Pay Later (BNPL) and consumer financing platform, disbursing over USD$2.2 billion in credit to over 6 million consumers by 2021. Based on that achievement, Bank Neo Commerce, which Akulaku acquired in October of last year, began mobile digital banking services in March 2021 and is currently Indonesia’s fastest-growing digital bank, with over 13 million users.
“This investment in Akulaku demonstrates our sustained commitment and strong belief in Indonesia’s long-term capabilities as one of the region’s fastest-growing digital economies. With its innovative technologies and exceptional product offerings, Akulaku has a strong market position and is well-positioned. We are thrilled to invest in the company and look forward to leveraging our extensive knowledge of Thailand’s financial services market to help it grow. The investment fits with our regional concept of employing digital advances to assist the underserved market. We are looking forward to working with Akulaku as the firm expands,” said SCB’s president, Dr. Arak Sutivong, in a press statement.
