Akulaku Injecting 500 Billion Rupiah Funds into Bank Yudha Bakti

Bank Yudha Bakti (BBYB), a Buku I bank listed on the Indonesia Stock Exchange, announced the gradual acquisition of 500 billion Rupiah from a digital financing platform Akulaku. In the early stages, Akulaku took over ownership of 8,9% of the shares previously held by the majority owner Gozko Capital worth 158 billion Rupiah. Akulaku will also be a stand-by buyer for the process rights issue BBYB next May.

Quoted from Cash, Main Director of BBYB Denny Novisar Mahmuradi said, "Akulaku it's a company fintech who have expertise in technology. We will synergize and with the technology support they have, we will be able to add new business."

BBYB's digital transformation is expected to support the company's efforts to upgrade from Book I to Book II with core capital ownership of between IDR 1 trillion and less than IDR 5 trillion. Besides with Akulaku, BBYB too collaborating with Telkom Group for infrastructure improvement.

Akulaku according to Startup Report 2018 has a valuation of more than $500 million (more than 7 trillion Rupiah) after Series D pendanaan funding news from Alibaba earlier this year. His support for banking entities can help companies reach more potential new customers, including the potential to develop joint products.

Akulaku recently launched a product peer-to-peer lending affiliated with name my assets.