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.