NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, January 16, 2019

Akulaku, a FinTech lending company, has received $40 million in funding from Ant Financial.

The funding gives Akulaku, which does most of its business in Indonesia but recently expanded into Vietnam and the Philippines, a $450 million valuation, according to Deal Street Asia. Just a few days earlier, the outlet cited anonymous sources who said the startup was planning to raise $100 million in a Series D funding round.

Launched in 2016, Akulaku started out with a virtual credit card before developing its own eCommerce platform, boasting 3C products and virtual payment scenarios.

Photo courtesy of uditha wickramanayaka.