Company Plans for Continued Expansion Through Digital Transformation and Financial Inclusion
JAKARTA, Indonesia, Dec. 26, 2022 /PRNewswire/ — Akulaku (“the Company”), a leading banking and digital finance platform in Southeast Asia, today announced a $200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG). The investment provides additional support for Akulaku’s projected growth as it advances towards its mission of providing banking services across Southeast Asia with an emphasis on reaching underserved customers and markets. The Company’s future growth plans align with MUFG’s, and the companies’ joint expansion into new territories, markets, and products will accelerate heading into 2023. This is the second strategic investment in the Company this year, following the US$100 million in funding closed from Siam Commercial Bank (“SCB”), Thailand’s leading full-service bank, in the beginning of 2022.
Along with the investment, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution. Akulaku’s strong technological capabilities in credit, risk management, mobile banking, and customer acquisition will bring solid value to this partnership.
“Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry,” the Company said in a statement. “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.”
Kenichi Yamato, Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank 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.”
This transaction bookends a momentous year for Akulaku. The Company significantly expanded its revenue, user base, GMV, and loan disbursement throughout 2022. This year has also been marked by international recognition, cross-border partnerships, and innovative new products.
Morgan Stanley is acting as financial advisor to Akulaku in respect of the transaction; Kirkland & Ellis International LLP is acting as legal advisor to Akulaku in respect of the transaction.
Akulaku is a leading banking and digital finance platform in Southeast Asia, with a presence in Indonesia, the Philippines, and Malaysia. Akulaku exists to help meet the daily financial needs of underserved customers in emerging markets through digital banking, digital financing, digital investment, and insurance brokerage services. In addition to the Akulaku virtual credit card and ecommerce platform, the company operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank supported by Bank Neo Commerce. Akulaku’s mission is to serve 50 million users across Southeast Asia by the year 2025.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has about 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our clients, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.