Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Monetary Group (MUFG), the biggest financial institution in Japan. That is a part of a strategic funding, with startup and MUFG planning to increase into new markets and product collectively in 2023. Earlier this yr, Akulaku raised $100 million in funding from Siam Industrial Financial institution as a part of one other strategic funding. Its different backers embody Ant Group (Akulaku launched a BNPL partnership earlier this yr with Alipay+).

Akulaku, which operates within the Philippines and Malaysia along with Indoensia, gives a digital bank card and installment purchasing platform, in addition to an funding platform and neobank. Based in 2016, its goal is to serve 50 million customers by 2025.

As a part of MUFG’s strategic funding, Akulaku has agreed to work with MUFG firms in Southeast on tech, product improvement, financing and distribution. MUFG is targeted on rising its presence within the area, and earlier this yr it bought the Philippines and Indonesian items of Residence Credit score BV for 596 million euros. Its give attention to Southeast Asia comes as homegrown banks, like Singapore’s DBS Group Holdings and Indonesia’s Financial institution Central Asia acquire on MUFG in market cap.

In a press release, Kenichi Yamato, the managing government officer and chief government of MUFG Financial institution’s World Industrial Banking Enterprise Unit, stated “Southeast Asia is vital and a second market to MUFG. Our funding in Akulaku will additional solidify our dedication on this area to satisfy rising monetary wants of underserved clients.”