Akulaku Announces $200 Million Investment From MUFG

Company plans for continued expansion through digital transformation and financial inclusion

JAKARTA, Indonesia, December 26, 2022 /PRNewswire/ — Akulaku (“the Company”), a leading banking and digital finance platform Southeast Asiaannounced today 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 to provide banking services Southeast Asia with an emphasis on reaching underserved customers and markets. The Company’s future growth plans align with MUFGs, and the companies’ joint expansion into new territories, markets and products will accelerate heading into 2023. This is the second strategic investment in the Company this year, after the US$100 million closed in funding from Siam Commercial Bank (“SCB”), The from Thailand leading full-service bank, in early 2022.

Along with the investment, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across the Southeast Asia on technology, product development, financing and distribution. Akulaku’s strong technology capabilities in credit, risk management, mobile banking and customer acquisition will bring solid value to this partnership.

“Akulaku’s emphasis on emerging markets highlighted a large, 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, enabling us will set to expand. both our products and geographic reach.”

Kenichi YamatoManaging Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank said, “Southeast Asia is the key and a second home market for MUFG. Our investment in Akulaku will further strengthen our commitment in this region to meet growing financial needs of underserved clients. 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.”

This deal caps off an important year for Akulaku. The Company has significantly expanded its revenue, user base, GMV and loan disbursement through 2022. This year was also marked by international recognition, cross-border partnerships and innovative new products.

Morgan Stanley is acting as financial advisor to Akulaku in respect of the transaction; Kirkland & Ellis International LLP is acting as legal advisor to Akulaku in respect of the transaction.

About Akulaku

Akulaku is a leading banking and digital finance platform in Southeast Asiawith a presence in Indonesia, the Philippinesand Malaysia. Akulaku exists to help meet the day-to-day financial needs of underserved customers in emerging markets through digital banking, digital financing, digital investment and insurance brokerage services. In addition to the Akulaku virtual credit card and e-commerce platform, the company operates Asetku, an online wealth management platform, and Neobank, a mobile digital bank powered by Bank Neo Commerce. Akulaku’s mission is to serve 50 million users Southeast Asia by the year 2025.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquarters in Tokyo and with more than 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. The Group has approximately 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management and leasing. The Group strives to be “the world’s most trusted financial group” through close cooperation between our operating companies and flexibly responding to all the financial needs of our customers, serving society and achieving shared and sustainable growth for a better world promote. MUFG’s shares trade on the Tok, Nagoyaand New York stock exchanges. For more information, visit https://www.mufg.jp/english.