Fintech firm Akulaku said to acquire minority stake in Indonesian lender
Summary
Southeast Asian fintech company Akulaku has acquired an 8.9 per cent stake in Indonesian lender Bank Yudha Bhakti for Rp 158 billion ($11 million), according to local media reports. Akulaku said it will be looking to make a total investment of Rp 500 billion ($35 million) into Bank Yudha, which will be carried out in stages. Established in 2016, Akulaku is an online consumer finance platform focused on Indonesia and the rest of Southeast Asia. The company, which counts Ant Financial as one of its backers, started with a virtual credit card and then began to build its own e-commerce platform. The investment in Bank Yudha Bhakti is the latest in a string of aggressive moves by the company, which raised a $70 million Series C funding round in October last year.