Akulaku

Akulaku is a Southeast Asian fintech unicorn that provides consumer credit, digital banking, wealth management, and insurance brokerage services.[1][2]

Akulaku
TypePrivate
IndustryFinancial Technology
Founded2014
Headquarters
Singapore
,
Singapore
Area served
Southeast Asia
Key people
  • William Li (founder, CEO)
  • Gordon Hu (co-founder and CTO)
  • Nancy Zhou (COO)
  • Fan Zhang (CFO)
  • Jason Guo (CRO)
Websitewww.akulaku.com

History

Akulaku was officially founded in 2016 by William Li and Gordon Hu.[3][4] Before it became Akalulu, the company began in 2014 by providing cross-border remittance services for domestic workers in Hong Kong as Silvrr before branching out to operate its online credit and e-commerce platform in Indonesia and the Philippines.[5] In 2016, the company pivoted into a fintech company.[6]

In 2019, Akulaku acquired an Indonesian bank called PT Bank Yudha Bhakti Tbk (BBYB) and later renamed it PT Bank Neo Commerce Tbk (BNC).[7]

Funding

In October 2018, Akulaku raised $70 million in series C investment from Sequoia India, with participation from existing investors.[8] Ant Financial led Akulaku's Series D round of US$100 million in 2019.[9][10][11]

The company raised $100 million in a strategic investment from Siam Commercial Bank (SCB) in 2022,[12] following $125 million raised in 2021 with the participation of Silverhorn Group.[13] With the SCB investment, Akulaku officially entered the unicorn club.[14][15][16] In 2022, Akulaku raised $200 million from Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG.)[17][18][19][20][21]

References
  1. Claudia Chong, "BNPL player Akulaku raises US$10m in debt round led by Lend East". businesstimes.com.sg. 30 May 2022. Retrieved 24 September 2022.
  2. Yosi Winosa, "Alibaba-backed Indonesian multifinance fintech Akulaku planning Islamic roll-out". salaamgateway.com. 16 December 2019. Retrieved 24 September 2022.
  3. "Fintech Jack Ma, Akulaku Akan Melantai di Wall Street?". cnbcindonesia.com. 17 January 2022. Retrieved 24 September 2022.
  4. "Akulaku Incar Pendanaan Baru hingga Rp400 Miliar Tahun Ini". teknologi.bisnis.com. 17 January 2022. Retrieved 24 September 2022.
  5. "Kisah Sukses William Li, Sang CEO Akulaku". finansialku.com. Retrieved 24 September 2022.
  6. "Akulaku eyes further Southeast Asia expansion". kapronasia.com. 2 March 2022. Retrieved 24 September 2022.
  7. Xavier Kong,"Indonesian fintech firm Akulaku sees 122% rise in annual revenue". techinasia.com. 9 May 2022. Retrieved 24 September 2022.
  8. "Akulaku's move will boost Indonesia's Economy". thevirtualassist.net. 6 August 2020. Retrieved 24 September 2022.
  9. Antony Peyton,"Southeast Asian consumer finance firm Akulaku gets $70m funding". fintechfutures.com. 13 November 2018. Retrieved 24 September 2022.
  10. "Thai lender SCB invests $100 million in Indonesia's Akulaku". channelnewsasia.com. Retrieved 24 September 2022.
  11. Robin Moh,"Exclusive, Indonesia's Akulaku to raise $100m Series D from investors including Alibaba's Ant Financial". kr-asia.com. 10 January 2019. Retrieved 24 September 2022.
  12. Aditya Hadi Pratama,"IPO-bound Akulaku turns with $100m raise from Siam Commercial Bank". techinasia.com. 15 February 2022. Retrieved 24 September 2022.
  13. "Shopify fulfillment, Visa, Amazon truce & the notorious markets list". shopifreaks.com. 21 February 2022. Retrieved 24 September 2022.
  14. Olivia Poh,"Indonesia's Akulaku Lands $100 Million from Top Thai Lender". bloomberg.com. 15 February 2022. Retrieved 24 September 2022.
  15. Aastha Maheshwan,"Indonesian Fintech Akulaku closes $100 million funding from Thai lender SCB ahead of potential IPO". dealstreetasia.com. 15 February 2022. Retrieved 24 September 2022.
  16. "Siam Commercial Bank invests $100 million in Indonesian BNPL player Akulaku". finextra.com. 17 February 2022. Retrieved 24 September 2022.
  17. Shu, Catherine (2022-12-27). "Jakarta-based fintech Akulaku raises $200M from Japan's largest bank". TechCrunch. Retrieved 2023-05-10.
  18. "MUFG in Talks to Invest $200 Million in Ant-Backed Indonesia Fintech Akulaku, Sources Say". Bloomberg.com. 2022-12-14. Retrieved 2023-05-10.
  19. Pugh, Alex. "Akulaku secures $200m from Japan's Mitsubishi UFJ Financial Group". Retrieved 2023-05-10.
  20. "Indonesian fintech Akulaku raises $200M from Japan's MUFG bank". SiliconANGLE. 2022-12-27. Retrieved 2023-05-10.
  21. "Japan's MUFG to invest $200 mln in Indonesian fintech Akulaku". Reuters. 2022-12-26. Retrieved 2023-05-10.
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