Siam Commercial Bank Pours in US$100 Million Into Indonesia’s Akulakuby Fintech News Singapore February 16, 2022
Akulaku, an Indonesian Buy Now Pay Later (BNPL) player, announced that it has received US$100 million from the Siam Commercial Bank (SCB).
This follows Akulaku’s successful fundraise of US$125 million in 2021 that was co-led by Silverhorn Group who was an existing investor as well as financing partner since 2018.
Founded in 2016, Akulaku has disbursed over US$2.2 billion of credit in 2021 to over 6 million users.
The company’s bank subsidiary, Bank Neo Commerce (BNC), also completed a public rights issue on the Indonesia Stock Exchange for approximately US$175 million in the fourth quarter of 2021.
Building on that success, BNC launched its mobile digital banking services in March 2021 with over 13 million users today.
William Li, CEO of Akulaku said,
“We founded Akulaku to meet the daily financial needs of underserved customers in emerging markets.
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.”
Dr. Arak Sutivong, President 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.”