Indonesia's Akulaku secures $100 million debt financing from HSBC Singapore

Indonesia's Akulaku secures $100 million debt financing from HSBC Singapore

Akulaku, an online lending platform based in Indonesia, has secured a commitment of up to US$100 million in debt financing from HSBC Singapore. The financing is intended to support Akulaku's growth and expansion across the region.

• Company Overview: Founded in 2014 by Peter Tjokrosano, William Li, and Gordon Hu, Akulaku offers a range of services, including “buy now, pay later” (BNPL), virtual credit cards, and wealth management. It also provides digital banking services through Bank Neo Commerce.

• HSBC Singapore's Commitment: Shaun Sakhrani, head of structured banking for Southeast Asia at HSBC Singapore, highlighted that the deal reinforces HSBC's support for new economy businesses.

• Previous Funding Rounds: Akulaku last raised US$200 million from Japan’s Mitsubishi UFJ Financial Group in December 2022. Past backers include Siam Commercial Bank and Ant Financial.

This development follows Indonesia’s Financial Services Authority (OJK) lifting restrictions on Akulaku’s BNPL service. The restrictions were imposed due to alleged violations of OJK's supervisory obligations for BNPL offerings.