Fintech startup Akulaku said to be raising $100m Series D round

Photo: Akulaku

Southeast Asian fintech startup Akulaku is set to raise $100 million in a Series D funding round, KrAsia reported on Friday.

According to industry executives who spoke to DEALSTREETASIA on the condition of anonymity, potential investors in the round include Chinese internet giant Alibaba that is likely to invest through its financial services arm, Ant Financial.

Akulaku did not respond to repeated requests for comment from DEALSTREETASIA.

One of the executives familiar with the startup’s fundraising plans said that Akulaku is seeking to raise the fresh funding at a pre-money valuation of $400 million.

Established in 2016, Jakarta-based Akulaku is an online consumer finance platform focused on Indonesia and the rest of Southeast Asia. The company started operations with a virtual credit card and then began to build its own e-commerce platform.

It offers 3C products and virtual payment scenarios, and claims to be Indonesia’s largest online consumer financial services provider. It is also operational in Vietnam and the Philippines.

The company’s Series D funding will follow its $70-million Series C round which was raised just over three months ago, led by Chinese financial technology company FinUp and joined by other investors including Sequoia India, Australia’s Blue Sky and Qiming Venture Partners.

The company secured its Series A round of funding in early 2016, raising $5 million in a round led by DCM Ventures. The following year, it reportedly raised $30 million from Qiming, Legend Capital, Shunwei Capital, and existing shareholders, including IDG, Arbor Ventures, DCM, Arbor Venture Fund, and Wecapital.

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.