Our recent round of funding will allow us to continue that vision by further expanding the geographic reach of our offerings across Southeast Asia and enable us to continue introducing new innovations to serve our customers – William Li (Akulaku CEO)
JAKARTA, February 15, 2022 – Akulaku (“Akulaku” or “the Company”), Southeast Asia’s leading digital banking and finance platform, announced today a US$100mm strategic investment by Siam Commercial Bank (“SCB”), Thailand’s leading full-service bank.
This deal follows Akulaku’s successful funding of US$125mm in 2021, co-led by Silverhorn Group as an existing investor and Akulaku’s financing partner since 2018. The company’s bank subsidiary, Bank Neo Commerce (“BNC”), also completed a public rights issue on the Indonesia Stock Exchange for approximately ~US$175mm in the fourth quarter of 2021.
Founded in 2016, Akulaku has grown to become the largest Buy Now Pay Later (BNPL) and consumer financing platform in Indonesia, disbursing over USD$2.2bn of credit in 2021 to over 6 million users. Building on that success, BNC launched its mobile digital banking services in March 2021, and is now the fastest growing digital bank in Indonesia with over 13 million users today.
With over 80% of consumers now participating in ecommerce, Southeast Asia’s digital retail market is growing exponentially. Akulaku’s digital credit services are poised to further accelerate the digital transformation of retail in Southeast Asia, providing a new market of consumers’ access to flexible banking services.
“We founded Akulaku to meet the daily financial needs of underserved customers in emerging markets,” said Akulaku CEO William Li. “Our recent round of funding will allow us to continue that vision by further expanding the geographic reach of our offerings across Southeast Asia and enable us to continue introducing new innovations to serve our customers.”
President Dr. Arak Sutivong of Siam Commercial Bank, said, “This investment in Akulaku marks our continued commitment and strong belief in the long-term prospects of Indonesia as one of the fastest growing digital economies in the region. Akulaku has a dominant market position and is well-positioned with its innovative technology and superior product offerings. We are excited about investment in the company and look forward to leveraging our deep expertise in Thailand’s financial services sector to support its expansion. The investment in Akulaku fits within our regional thesis of serving the underserved market using digital innovations. We look forward to partnering with Akulaku as the company continues to grow.”
Morgan Stanley is acting as exclusive 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, Neobank, a mobile digital bank supported by Bank Neo Commerce and SILVRR, an e-commerce platform with BNPL services in Europe. Akulaku’s mission is to serve 50 million users across Southeast Asia by the year 2025.
About Siam Commercial Bank
Siam Commercial Bank PCL (SCB) was established by Royal Charter in 1906 as the first Thai bank. As of December 31, 2021, the Bank had THB 3,315 bn in total assets and THB 431,719 million in market capitalization on a consolidated basis. The bank is one of Thailand’s leading universal banks, providing a full range of financial services through its nationwide branch network to clients in all segments, including wholesalers, SMEs, and retail banking services. SCB is committed to becoming “The Most Admired Bank” by balancing value propositions for all stakeholders – customers, employees, shareholders, regulators, and society – and becoming a leader in shaping the future of Thailand’s banking industry.