Founded in 2016, Akulaku has become the largest Buy Now Pay Later (BNPL) and consumer finance platform in Indonesiapaying more US$2.2 billion credit in 2021 to more than 6 million users. Building on this success, the BNC launched its mobile digital banking services in March 2021and is now the fastest growing digital bank Indonesia with over 13 million users today.
With over 80% of consumers now participating in e-commerce, South East Asia The digital retail market is growing exponentially. Akulaku’s digital credit services are poised to further accelerate the digital transformation of retail by South East Asiaproviding a new market for consumer access to flexible banking services.
“We founded Akulaku to meet the everyday financial needs of underserved customers in emerging markets,” said Akulaku’s CEO. William Li. “Our recent round of funding will allow us to pursue this vision by further expanding the geographic reach of our offerings across South East Asia and allow us to continue to introduce 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 confidence in the long-term prospects of Indonesia as one of the fastest growing digital economies in the region. Akulaku holds a dominant position in the market and is well positioned with its innovative technology and superior product offerings. We are delighted to invest in the business and look forward to leveraging our deep expertise in Thailand financial services sector to support its expansion. The investment in Akulaku aligns with our regional thesis of serving the underserved market using digital innovations. We look forward to partnering with Akulaku as the business continues to grow.”
Morgan Stanley is acting as exclusive financial advisor to Akulaku with respect to the transaction; Kirkland & Ellis International LLP is acting as legal counsel to Akulaku in connection with the transaction.
Akulaku is a leading digital banking and finance platform in South East Asiawith a presence in Indonesia, The Philippinesand Malaysia. Akulaku exists to help meet the everyday financial needs of underserved customers in emerging markets through digital banking, digital finance, digital investing, and insurance brokerage. In addition to the Akulaku virtual credit card and e-commerce platform, the company operates Asetku, an online wealth management platform, Neobank, a mobile digital bank backed by Bank Neo Commerce and Wisecart, a e-commerce platform with BNPL services in Europe. Akulaku’s mission is to serve 50 million users across South East Asia by 2025.
About Siam Commercial Bank
Siam Commercial Bank PCL (SCB) was created by Royal Charter in 1906 as Thailand’s first bank. From December 31, 2021the bank had 3,315 billion THB of total assets and 431,719 million baht market capitalization on a consolidated basis. The bank is one of Thailand leading universal banks, offering a full range of financial services through its nationwide network of branches to customers across all segments, including wholesale, SME and retail banking. SCB is committed to becoming “the most admired bank” by balancing value propositions for all stakeholders – customers, employees, shareholders, regulators and society – and by becoming a leader in shaping the future of Thailand the banking industry.