Akulaku plans to use the funding to expand its offerings and increase the size of its user base. Here are the top-line bullets you need to know.
Akulaku, an e-commerce platform, has raised $100M in an extended Series E round that drew participation from Siam Commercial Bank.
How’s the company performing?
- Indonesia-based Akulaku allows shoppers to pay for goods in installments.
- The company operates Asetku, a peer-to-peer lending platform; Neobank, a digital mobile bank; and Wisecart, an e-commerce platform that includes buy now, pay later (BNPL) services.
- The company states that it disbursed $2.2B in credit to over 6M users in 2021.
- It has a presence in Indonesia, Vietnam, the Philippines, and Malaysia
- Over 90K merchants have joined Akulaku, some of them include Xiaomi, Samsung, Puma, JBL, and Lenovo.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
- While the US, the UK, and Australia dominate the BNPL market, other geographies are starting to gain market share. For example, BNPL companies are rising up across Asia in order to provide the country’s large millennial population with alternatives to existing, outdated credit services.
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