Akulaku, which operates in the Philippines and Malaysia in addition to Indonesia, offers a virtual credit card and installment shopping platform, as well as an investment platform and neobank.
Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan. This is part of a strategic investment, with startup and MUFG planning to expand into new markets and products together in 2023.’
As part of MUFG’s strategic investment, Akulaku has agreed to work with MUFG companies in the Southeast Asian region on tech, product development, financing, and distribution. MUFG is focused on growing its presence in the region, and earlier this year it purchased the Philippines and Indonesian units of Home Credit BV for €596 million. Its focus on Southeast Asia comes as homegrown banks like Singapore’s DBS Group Holdings and Indonesia’s Bank Central Asia gain on MUFG in market cap.
Southeast Asia is key and a second market to MUFG.