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Jakarta-based financial technology startup PT Akulaku Silvrr Indonesia said today it has raised $200 million via a strategic investment from Mitsubishi UFJ Financial Group, the largest bank in Japan.

Akulaku is a fast-growing neobank that provides digital banking services, including “Buy Now, Pay Later” and virtual credit card services, plus an online investment platform, to consumers in Indonesia, Malaysia and the Philippines. It has amassed an impressive list of backers that includes China’s Alibaba Group Ltd., and Thailand’s Siam Commercial Bank Ltd., which invested $100 million in the company earlier this year.

Akulaku, which is aiming to serve 50 million users across the regions its operates in by 2025, said today’s round is a strategic investment that will see it partner with MUFG to offer new products and services and expand into new markets. Akulaku will work with a number of MUFG companies in Southeast Asia on technology, product development, financing and distribution, it said.

MUFG is determined to grow its presence in Southeast Asia, and earlier this year it acquired the Indonesian and Philippines subsidiaries of Home Credit BV for around $635 million.

“Southeast Asia is key and a second market to MUFG,” said Kenichi Yamato, managing executive officer and chief executive of MUFG’s Global Commercial Banking Business Unit. “Our investment in Akulaku will further solidify our commitment in this region to meet growing financial needs of underserved customers.”

Photo: Akulaku

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