According to a statement from the FinTech firm Akulaku, which is sponsored by Ant Financial, Japanese lender Mitsubishi UFJ Financial Group (MUFG) has invested $200 million in the startup.
Following the US $100 million finance it received from Siam Commercial Bank at the beginning of this year—a deal that valued Akulaku at over US $1 billion—the capital injection is the second major investment the Indonesia-based business has secured this year.
Additionally, the business received $10 million in loan financing from Lend East in March.
Having been established in 2016, Akulaku first established itself in the Indonesian industry as a virtual credit card and e-commerce platform before later launching its Asetku platform to offer wealth management services.
By acquiring local lender Bank Neo Commerce in 2021, it made a foray into the world of digital banking.
The firm, which also has operations in Malaysia and Vietnam, claims that the new funding will support its ambition to provide financial services throughout Southeast Asia. On technology, product development, finance, and distribution, it will collaborate with MUFG businesses around the area.
MUFG’s investment is the company’s most recent endeavor to capitalize on the opportunities in the consumer credit technology sector. As Nikkei Asian Review revealed earlier this week, the Japanese megabank is planning to buy 70% of Kanmu, a Japanese company that offers credit scoring capabilities, for about US $150 million.
