User Adoption Continues to Accelerate and Revenue Growth Exceeds Expectations
Akulaku (“Akulaku” or “the Company”), a leading digital banking and finance platform, today reported accelerated revenue growth during 2021, as it continues to provide financial services to consumers throughout Southeast Asia. Akulaku’s total revenue grew by 122% to US$598 million and total GMV increased by 136% to US$5.8 billion. The total users grew by 242% to 26 million users, and monthly active users increased 108% to 4.8 million in 2021. This growth highlights the rising demand for Neobank’s online banking services, as well as Akulaku’s unique position as a rapidly expanding digital bank and service provider.
“Akulaku aims to serve as pioneers for the digital banking revolution in Southeast Asia and beyond. We will continue to strive towards providing our growing customer base with innovative digital financial solutions and services,” said William Li, CEO of Akulaku. “We prioritize accessibility as we seek to ensure previously underserved customers have access to high-quality digital banking opportunities.”
Total loan disbursement in 2021 exceeded US$2.2Bn, nearly doubling the Company’s BNPL and cash loan volume year on year, while cash installment volumes more than tripled from 2020. The share of non-performing loans over 90 days was a mere 6.3%, a lower figure than pre-COVID pandemic levels.
Akulaku’s digital advancements and emphasis on accessibility have accelerated its expansion, but not at the cost of compliance measures, which remain an important focus across the markets in which it operates. Akulaku recently received its financial technology license in Indonesia, solidifying Akulaku’s role as the largest consumer financing platform in Indonesia. This license allows Akulaku’s Asetku product to continue development as a multi-asset investment management option for affluent Indonesians.
The company’s 2021 performance comes on the heels of receiving $400 million in investments, including $100 million from Siam Commercial Bank. These strategic investments signal the companies’ ongoing shared interest in providing high-quality fintech solutions to previously underserved communities. In separate transactions, Akulaku’s bank subsidiary, Bank Neo Commerce (BNC), raised $180 million through a rights issue transaction on the Indonesia Stock Exchange, bringing BNC’s market capitalization up to approximately $1.7 billion. This deal attracted successful participation from funds such as Schroders, JP Morgan Asset Management, Citibank, and CGS. With its expanding international growth, Akulaku continues to execute upon its global mission of empowering users with better, faster, and more convenient digital financial services.
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