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Siam Commercial Bank invests $100 million in Indonesian BNPL player Akulaku

February 17, 2022 By News Team

Siam Commercial Bank has invested $100 million in Indonesian buy now, pay later platform Akulaku.

Founded in 2016, Akulaku has grown to become the largest BNPL and consumer financing platform in Indonesia, disbursing over $2.2bn of credit in 2021 to over six million users.

President Dr. Arak Sutivong of Siam Commercial Bank, says: “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. 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.”

In addition to the Akulaku virtual credit card and ecommerce platform, the company operates Asetku, an online wealth management platform, Neobank, a mobile digital bank supported by Bank Neo Commerce with over 13 million users, and Wisecart, an ecommerce platform with BNPL services in Europe. With a presence in Indonesia, the Philippines, and Malaysia, Akulaku’s ambition is to serve 50 million users across Southeast Asia by the year 2025.

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