Akulaku, a leading banking and digital finance platform in Southeast Asia, announced a $200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG).
The investment provides additional support for Akulaku’s projected growth as it advances towards its mission of providing banking services across Southeast Asia with an emphasis on reaching underserved customers and markets. The Company’s future growth plans align with MUFG’s, and the companies’ joint expansion into new territories, markets, and products will accelerate heading into 2023, the statement said.
This is the second strategic investment in the Company this year, following the US$100 million in funding closed from Siam Commercial Bank (“SCB”), Thailand’s leading full-service bank, in the beginning of 2022, a statement said.
Along with the investment, Akulaku and MUFG will enter into a framework agreement for Akulaku to work with MUFG companies across Southeast Asia on technology, product development, financing, and distribution. Akulaku’s strong technological capabilities in credit, risk management, mobile banking, and customer acquisition will bring solid value to this partnership, according to the statement.
“Akulaku’s emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry,” the Company said in a statement. “By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base. Both companies will benefit from shared skills and knowledge, which will enable us to expand both our products and geographical reach.”
Kenichi Yamato, Managing Executive Officer and Chief Executive of the Global Commercial Banking Business Unit at MUFG Bank said, “Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet growing financial needs of underserved customers. With Akulaku’s digital financial services backed by its strong technology, our journey with Akulaku will help us further contribute to the growth of this region.”
Morgan Stanley is acting as financial advisor to Akulaku in respect of the transaction; Kirkland & Ellis International LLP is acting as legal advisor to Akulaku in respect of the transaction.
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