Akulaku, a Southeast Asian banking and digital finance platform, has secured a $200m investment from MUFG Bank, a subsidiary of Japanese Mitsubishi UFJ Financial Group (MUFG).
The company delivers digital financing, digital banking, digital investment, and insurance brokerage services to underserved customers in emerging markets throughout Indonesia, the Philippines, and Malaysia.
The investment from MUFG Bank is expected to support the fintech platform’s growth as it aims to offer banking services throughout Southeast Asia with a focus on underserved markets and cutomers.
Besides the investment, Akulaku is expected to sign a framework agreement with MUFG that will enable the former to partner with MUFG companies in Southeast Asia on technology, financing, product development, and distribution.
The collaboration is expected to leverage Akulaku’s technological capabilities in credit, mobile banking, risk management, and customer acquisition.
The company stated: “Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry.
“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.”
Earlier this year, the fintech firm secured an investment of $100m from Thailand’s full-service bank Siam Commercial Bank.
According to MUFG, its investment in the digital financial services provider will bolster its capture of financial needs in online scenarios along with offline stores.
MUFG Bank global commercial banking business unit managing executive officer and chief executive Kenichi Yamato 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.”
Founded in 2014, Akulaku is aiming to serve 50 million users across Southeast Asia by 2025.
Along with a virtual credit card and e-commerce platform, the company operates a mobile digital bank supported by Bank Neo Commerce Neobank and an online wealth management platform called Asetku.
