Alibaba-backed Akulaku is looking to boost its stake in Indonesian bank Bank Neo Commerce, according to a «DealStreetAsia» report.
Akulaku, an Indonesian digital-banking fintech, wants to increase its Bank Neo stake to around 40 percent from the current 25.2 percent, «DealStreetAsia» reported, citing an interview with founder and CEO William Li. The planned acquisition comes as Akulaku is raising funds in anticipation of an initial public offering (IPO), and as it moves to streamline its wealth management and insurance businesses for a spinoff into an Indonesia Stock Exchange listing.
The fintech has a presence in Indonesia, the Philippines, and Malaysia. It provides digital banking, investment, and insurance services, and it operates online wealth manager Asetku and mobile digital bank Neobank, which is supported by Bank Neo Commerce. Akulaku also operates Wisecart, which provides buy-now-pay-later (BNPL) lending in Europe, and it has acquired a Philippine bank for lending and remittance, DealStreetAsia also reported.
Revenue Up Sharply
In April, Akulaku reported its 2021 revenue surged 122 percent from 2020, while its monthly active users for the year more than doubled to 4.8 million.
Fintechs have been targeting Indonesia, the world’s fourth-most populous nation after China, India, and the U.S., given its growth potential. The general ability of Indonesian to access financial services remains relatively low, despite the Covid-19 pandemic boosting acceptance and use of digital financial services.
But competition is potentially heating up in Indonesia, with superapps Grab, Sea and GoTo all offering financial services to both businesses and consumers.
