Alibaba-backed Akulaku is the top funded fintech startups in Indonesia, and now a shareholder of a local bank as reported by Katadata.
Akulaku reportedly made an Rp 500 billion (approximately SG$48 million) stake into PT Bank Yudha Bhakti Tbk (BBYB), in stages. At the time of writing, Bank Yudha Bhakti has pocketed Rp 158.7 billion (approximately SG$15 million) from the deal. After the first stage, Bank Yudha Bhakti will conduct a rights issue in May and Akulaku will act as a standby buyer.
As a result, Bank Yudha Bhakti will adopt technology from Akulaku into its business as part of its plans towards digital transformation. Bank Yudha Bhakti also has plans on utilising the investment to expand its lending beyond individuals and towards agriculture and small businesses.
For now, Yudha Bhakti doesn’t have a clear picture yet on further collaborations with Akulaku, but Bank Yudha Bhakti consumers would be able to utilise Akulaku services when doing their online shopping with Akulaku-linked e-commerce sites.
Just 30 minutes after the Akulaku deal, Bank Yudha Bhakti’s shares went up by 10% .
Featured image via Akulaku