The investment is also part of the digitalization enlargement moves of MUFG company in Southeast Asia by 2023.
Heaptalk, Jakarta — Indonesia’s financial technology company, PT Akulaku Silvrr Indonesia, has officially gained a new investment from Japan’s financial corporate, Mitsubishi UFJ Financial Group (MUFG). Confirming the previous information, this fintech platform received this new capital worth US$200 million from the largest Japan’s largest bank.
According to the official statement of Akulaku’s party, the management affirmed this strategic investment of MUFG would provide beneficial knowledge, resources, and services to support the company in implementing the long-term plans related to the users’ development.
As cited in financeyahoo.com, the company’s representative conveyed, “Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry. By partnering with MUFG, both companies will benefit from shared skills and knowledge, enabling us to broaden our products and geographical reach,”
The new investment in fintech that provides a Buy Now Pay Later (BNPL) and cash lending services will also strengthen the capture of financial needs in online scenarios and also as a part of digitalization enlargement moves of MUFG company in Southeast Asia by 2023, including Indonesia due to the country possess immense potential for its economic growth.
Responding to this strategic partnership, the Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit of MUFG Bank, Kenichi Yamato, stated Southeast Asia is the second key market for MUFG. This capital injection scheme in Akulaku would fulfill underserved customers with financial requisites. With the digital financing service of the Akulaku platform, Yamato emphasized continuing to expedite the growth of this region.
Further, through this partnership, Akulaku will elevate several business schemes in terms of technology, product, finances, and distribution. As the advanced platform in risk management, mobile banking, and customer acquisition, this collaboration is anticipated to generate numerous advantages for these entities.
As it is known, this investment is the second capital injection accomplishment of the Akulaku this year, following the previous funding from Siam Commercial Bank (SBC) worth US$100 million in early 2022 and another capital disbursement of Silverhorn Group worth US$125 million last year.
Business growth of Akulaku
Established in 2014, this financial technology company will target to serve more than 50 million users around Southeast Asia by 2025. The company has assisted numerous consumers in diverse countries, spanning Indonesia, Malaysia, and the Philippines, by offering e-commerce, pay later (BNPL), cash loans, fintech lending, and digital banking services.
Meanwhile, in terms of users side, refers to the company’s record on its official website, Akulaku has absorbed its active users to around 8 million, growing 66.66% during this year. Apart from its active users, this fintech company has more than 32 million registered users. In addition, the Akulaku’s transaction has also significantly developed, with a Gross Merchandise Value (GMV) attaining 136.05%, or equal to US$5.89 billion in 2021.
Last September, Akulaku officially cooperated with Alipay+ to broaden the Pay Later product operations. This strategic partnership allows Akulaku Paylater’s users to perform transactions with several global merchants partnered with Alipay+, covering Apple, Google, Agoda, and TikTok.
