Akulaku Reportedly Received Debt Facility of IDR 1,5 Trillion from HSBC

Startups Akulaku obtain facilities debt amounting to $100 million (around Rp. 1,5 trillion) from a bank from London, HSBC. Quoting from Reuters, CEO Akulaku William Li said some of the funds would be used to pay off debts.

Throughout 2022, this subsidiary of Alibaba has received funding twice debt. In February 2022, as much as $100 million was obtained from a bank from Thailand, Siam Commercial Bank (SCB). Then, in December 2022, you can an additional $200 million from a bank from Japan, Mitsubishi UFJ Financial Group (MUFG).

This debt facility is considered important to pursue company growth, in line with the increasing public interest in obtaining loans through services paylater nor cashloan.

After previously receiving special supervision, Akulaku Now there are no longer effective business restrictions by the OJK early March 2024, aka almost five months after the letter of restriction came down in early October 2023.

President Director Akulaku Finance Efrinal Sinaga said, transactions Akulaku had fallen almost 30% during that period. In order to no longer stumble in the same pool, the company is committed to carrying out operational business in accordance with applicable rules and regulations.

"This year there are several marketing programs that we will launch, such as co-branding, thematic, as well as channel additions and expansion coverage area [..] According to the business plan Akulaku "Finance Indonesia will also increase financing in the productive sector and develop other areas such as automotive financing," he said.

In Indonesia, Group Akulaku runs three companies, namely Asetku (PT Pintar Innovation Digital) which focuses on cash loans, Akulaku (PT Silvrr Indonesia) as a marketplace platform, and Akulaku Finance (PT Akulaku Finance Indonesia) which runs a paylater business.

Not only that, Akulaku became the controlling shareholder of Bank Neo Commerce and released the OneAset service as an investment service for users. Apart from Indonesia, Akulaku has been operating in the Philippines, Malaysia and Thailand. In the Philippines, Akulaku also operates a digital banking application called OwnBank.

On its website, it claims the service Akulaku has been used by more than 8 million monthly active users, 32 million registered users, and 295 million transactions occurred on its platform.