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Indonesia’s Akulaku Lands $100 Million from Top Thai Lender

  • The Indonesian startup raised additional $125 million in 2021
  • Fresh funds will be used to expand business in Southeast Asia

Akulaku Inc., an Indonesian online lender backed by Jack Ma’s Ant Group Co., has pulled in $100 million from one of Thailand’s biggest lenders to expand its business in Southeast Asia.

The capital raise from Siam Commercial Bank Plc. follows a $125 million funding in 2021 co-led by Hong Kong multi-asset investment firm Silverhorn Group, Akulaku said in a statement Tuesday. It will allow the Jakarta-based company to “further expand the geographic reach” of its offerings across Southeast Asia, Chief Executive Officer William Li said in the statement.