Akulaku secures $200m booster for continued expansion in Southeast Asia
Akulaku, a Southeast Asian fintech company, has secured an investment of $200 million from Japan-based Mitsubishi UFJ Financial Group (MUFG), marking the second strategic investment for the banking and digital finance platform this year.
The funding is expected to help Akulaku expand its banking services across Southeast Asia.
Akulaku’s future growth plans complement MUFG’s, accelerating joint expansion into new territories, markets, and products in 2023.
Akulaku, in a statement, said: “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.”
Akulaku and MUFG will also enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution.
The partnership is expected to benefit from Akulaku technological capabilities in credit, risk management, mobile banking, and customer acquisition.
Kenichi Yamato — MUFG Bank Global Commercial Banking Business Unit Managing Executive Officer and Chief Executive, 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.”
Morgan Stanley is acting as financial advisor to Akulaku while Kirkland & Ellis International is serving as legal advisor.
Akulaku with a presence in Indonesia, the Philippines, and Malaysia, operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank supported by Bank Neo Commerce.
The fintech company targets to cater to 50 million users across Southeast Asia by 2025.
In early 2022, Akulaku received a $100 million investment from Thailand-based Siam Commercial Bank.