Indonesian FinTech Firm’s Akulaku Raises US$70M Led by Chinese Finup

JAKARTA (TheInsiderStories) – Indonesian financial technology (FinTech) startup Akulaku has raised US$70 million Series C round led by Chinese’s Finup, joined with Sequoia India, BlueSky Venture Capital, and Qiming Venture Capital, said the company yesterday (31/10).

Akulaku is an application that allows users to buy items with installment Methods For 3, 6, 9, Up To 12 Months. Through the application, the user can buy goods from more than three thousand online merchants.

In June 2018, the street corner lending corporation has Successfully Received Series C Funding with total almost $100 million from several investors including Sequoia Capital Southeast Asia and Finup.

Previously, in February 2016, Akulaku raise Series A Funding of $5 Million, then in February 2017 raised $15 million, furthermore  Series B Funding of $30 million in July 2017.

Akulaku, was founded by Chinese national Li Wenbo in 2016. His FinTech firm now provides installment plans to consumers who do not have a credit card, so that they may buy goods online.

The new financing will be used towards horizontally expanding the company’s offerings as well as consolidating its positions in incumbent markets, including Indonesia, Vietnam and the Philippines — all growing rapidly in terms of online lending.

Akulaku claims to have more than 20 million downloads in the future. It also has around 800,000 users who made transactions on its platform as of the end of 2017, and is targeting to increase the number to three milli

Until August, 2018, the start up have around ten million customers in Indonesia with the majority in Java. Because of that, they plan to hook more users from outside Java. In a month, the total user transactions reached 1.5 million transactions with a nominal value of $50 million.

Most of these transactions are used to buy gadgets and electronic devices. Akulaku also have collaborated with several large e-commerce comppany such as Bukalapak, Shopee, Blibli, And JD.ID.

In the future, Akulaku plan is to provide non-commercial loans, such as for health needs and education. At present, they have been operating in Indonesia, Malaysia, Vietnam and the Philippines. In Indonesia, they have successfully obtained a license from the Financial Services Authority.