Jakarta-based fintech 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 product together in 2023. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Its other backers include Ant Group (Akulaku launched a BNPL partnership earlier this year with Alipay+).
Akulaku, which operates in the Philippines and Malaysia in addition to Indoensia, offers a virtual credit card and installment shopping platform, as well as an investment platform and neobank. Founded in 2016, its target is to serve 50 million users by 2025.
As part of MUFG’s strategic investment …
