Akulaku, an Indonesian buy now, pay later (BNPL) firm, announced this week it has received $100 million from the Siam Commercial Bank in Series E financing. The news comes months after the firm announced a $125 raise which was co-led by Silverhorn Group, who has been involved with the company since 2018 as an existing investor and financing partner.
The funding makes the company a unicorn, with an estimated value of between $1.5 and $2 billion, according to a published report.
Founded in 2016, Akulaku provided more than $2.2 billion of credit in 2021 to over more than million users. The company’s bank subsidiary, Bank Neo Commerce, also completed a public rights issue on the Indonesia Stock Exchange for approximately US$175 million in the fourth quarter of 2021.
In March 2021 Bank Neo Commerce launched its mobile digital banking services in March 2021 and now has more than 13 million users.
“We founded Akulaku to meet the daily financial needs of underserved customers in emerging markets,” William Li, CEO of Akulaku said. “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.”
“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,” added Dr. Arak Sutivong, President of Siam Commercial Bank. “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.”
Based in Indonesia, Akulaku also has operations in Malaysia, the Philippines, and Vietnam. Its expansion plans include Indonesia, Thailand and additional Southeast Asia locations.
There are also reports the company is planning a listing in the United States by merging with Catcha Investment Corporation, a SPAC created by Catcha Group co-founder Patrick Grove. Akulaku could raise as much as$300 million through the move.