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.