Indonesia BNPL Akulaku Marketplace Secures US$100M Investment From Siam Commercial Bank

Akulaku ("Akulaku" or "the Company"), Southeast Asia's leading digital banking and finance platform, announced recently a US$100mm strategic investment by Siam Commercial Bank ("SCB"), Thailand's leading full-service bank.

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This deal follows Akulaku's successful funding of US$125mm in 2021, co-led by Silverhorn Group as an existing investor and Akulaku's financing partner since 2018. The company's bank subsidiary, Bank Neo Commerce ("BNC"), also completed a public rights issue on the Indonesia Stock Exchange for approximately ~US$175mm in the fourth quarter of 2021.

Founded in 2016, Akulaku has grown to become the largest Buy Now Pay Later (BNPL) and consumer financing platform in Indonesia, disbursing over USD$2.2bn of credit in 2021 to over 6 million users. Building on that success, BNC launched its mobile digital banking services in March 2021, and is now the fastest growing digital bank in Indonesia with over 13 million users today.

With over 80% of consumers now participating in ecommerce, Southeast Asia's digital retail market is growing exponentially. Akulaku's digital credit services are poised to further accelerate the digital transformation of retail in Southeast Asia, providing a new market of consumers' access to flexible banking services.

President Dr. Arak Sutivong of Siam Commercial Bank, said, "This investment in Akulaku marks our continued commitment and strong belief in the long-term prospects of Indonesia as one of the fastest growing digital economies in the region. Akulaku has a dominant market position and is well-positioned with its innovative technology and superior product offerings. The investment in Akulaku fits within our regional thesis of serving the underserved market using digital innovations. We look forward to partnering with Akulaku as the company continues to grow."