Akulaku, a banking and digital finance platform in Southeast Asia, received a $200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG). The investment provides additional support for Akulaku’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.
Along with the investment, Akulaku and MUFG will enter into an agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing and distribution.
“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,” Kenichi Yamato, managing executive officer and chief executive of global commercial banking business unit at MUFG Bank, said. “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.”
Akulaku significantly expanded its revenue, user base, GMV and loan disbursement throughout 2022. This year has also been marked by international recognition, cross-border partnerships and innovative new products. Morgan Stanley is acted as financial advisor to Akulaku in respect of the transaction; Kirkland & Ellis International LLP is acted as legal advisor to Akulaku in respect of the transaction.
