Akulaku, a banking and digital finance platform in Southeast Asia, has received a $200m investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG).
Founded in 2016, Akulaku is a 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.
According to Akulaku, the investment provides additional support for the company’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 Akulaku this year, following the $100m in funding closed from Siam Commercial Bank (“SCB”), Thailand’s leading full-service bank, in the beginning of 2022.
“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 added, “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.”
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