Wednesday, 3 September 2025
27.1 C
Singapore
27.3 C
Thailand
22.1 C
Indonesia
28 C
Philippines

Indonesian fintech startup Akulaku injects US$35M into local bank

Indonesian online financial services startup, Akulaku, is investing IDR 500 billion (US$35.4 Million) into a local banking institution, Bank Yudha Bhakti (BYB). The startup plans to complete this investment in three stages until the end of the year. For the first stage, Akulaku plans to acquire shares from Gozco Capital, BYB’s controlling shareholder, with a […]

Indonesian online financial services startup, Akulaku, is investing IDR 500 billion (US$35.4 Million) into a local banking institution, Bank Yudha Bhakti (BYB). The startup plans to complete this investment in three stages until the end of the year.

For the first stage, Akulaku plans to acquire shares from Gozco Capital, BYB’s controlling shareholder, with a transaction value of IDR 158 billion (US$11.8 Million). This value is equivalent to 8.95 % of Gozco’s BYB shares.

Akulaku was established in 2016, and it started out as a virtual credit card that let users purchase products and pay for them in installments. Subsequently, it began to build its e-commerce platform and diversify its suite of financial services.

In a recent Indonesia Startup Report, Akulaku is regarded as one of Indonesia’s next unicorns with a current valuation of close to US$500 million. Other notable investors of the fintech startup are Sequoia Capital India, Qiming Venture Partners, as well as Blue Sky Private Equity. Akulaku also recently secured a US$100 million series D round led by Ant Financial from China.

This investment will also enable the bank to adopt technology from Akulaku into its business as part of its digital transformation plans. It also has plans on using the investment to expand its sectors beyond individuals and towards micro, small, and medium enterprises (MSMEs). This investment will empower Akulaku with legal benefits to have access to some financial services and data sources which are currently restricted to only institutions with a full banking license.

Hot this week

Oyster malware campaign targets IT professionals with fake software tools

Oyster malware campaign targets IT professionals with fake tools like WinSCP and PuTTY, raising ransomware concerns.

Samsung to host virtual Unpacked event on 4 September

Samsung will host a virtual Unpacked event on 4 September, just before IFA Berlin, sparking speculation about new foldable devices.

WhatsApp introduces AI-powered Writing Help and Message Summaries in Singapore

WhatsApp launches Writing Help and Message Summaries in Singapore, offering AI-powered assistance with strong data privacy measures.

Banks urged to balance opportunities and risks of agentic AI

Moneythor warns that while agentic AI offers exponential potential for banks, the risks are just as significant without safeguards.

Meta reportedly explores using rival AI models to enhance its apps

Meta is exploring the use of AI models from Google and OpenAI to enhance its apps while advancing its own Llama AI technology.

Amazon launches new AWS region in New Zealand

Amazon launches its first AWS infrastructure region in New Zealand, investing NZ$7.5b to boost jobs, cloud services, and sustainability.

Global Anti-Scam Summit Asia 2025 launches major initiatives to fight online fraud

Global Anti-Scam Summit Asia 2025 in Singapore unveils new initiatives to fight scams with technology, funding, and cross-border collaboration.

Google Play Games to introduce new profiles with stats and social features

Google is introducing new Play Games profiles on Android, featuring gaming stats, achievements, and social tools, rolling out from 23 September.

China enforces mandatory AI content labels on major social media platforms

China’s major social media platforms are now required to label AI-generated content under a new law aimed at curbing misinformation and enhancing oversight.

Related Articles

Popular Categories