Southeast Asian fintech firm Akulaku raises $70m in Series C round

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Southeast Asian fintech startup Akulaku has secured a $70-million Series C funding round led by Chinese financial technology company FinUp.

According to a press release by Huaxing Capital, which acted as the exclusive financial advisor for the round, the funding round was joined by other investors including Sequoia India, Australia’s Blue Sky and Qiming Venture Partners.

The participation by Blue Sky appears to be confirmation of a report by DEALSTREETASIA in May on the Australian company’s plan of investing in Akulaku.

Established in 2016, Akulaku is an online consumer finance platform focusing on Indonesia and Southeast Asia. It is one of the first Chinese financial technology companies to go to Southeast Asia.

The company started with a virtual credit card, and then began to build its own e-commerce platform, focusing on “retaining users with scenes”. Its platform is mainly 3C products, with self-operated mobile phones, as well as home appliances, clothing, toys, beauty products

In addition, Akulaku has expanded from 3C products to virtual payment scenarios, and claims to be Indonesia’s largest online consumer financial services provider, while maintaining rapid business growth in Vietnam and the Philippines.

According to Akulaku founder Li Wenbo, the company currently boasts almost 20 million app downloads, over 13 million registered users and oversees monthly transactions of close to $100 million.

“After this round of financing, more consumer scenarios will be explored online such as small payments for catering and convenience stores, and loan services for high-quality small and medium-sized merchants. At the same time, the market in Southeast Asia will further deepen the market in Vietnam and the Philippines,” Li Wenbo said.

Akulaku secured its Series A round of funding in early 2016, raising $5 million led by DCM, and followed by China Growth Capital and IDG.

The following year, it reportedly raised $30 million from Qiming Venture Capital, and followed by Legend Capital, Shunwei Capital, and previous shareholders, including IDG, Arbor Ventures, DCM, Arbor Venture Fund, and Wecapital.

In Indonesia, Akulaku’s biggest competitor is arguably Kredivo, which also operates a virtual credit card business. The company raised $30 million in a Series B funding round led by Square Peg Capital, and joined by MDI Ventures and Atami Capital, Jungle Ventures, Openspace Ventures, GMO Ventures, Alpha JWC and 500 Startups.

Also Read:

HK’s TNG FinTech acquires Indonesian payment startup WalletKu

Australia’s Blue Sky seeks to raise $17m to back Southeast Asian fintech firm Akulaku

Exclusive: Fintech startup Akulaku bags funding from DCM Ventures, others

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.