Indonesian digital banking and finance platform Akulaku has secured $100m funding from Siam Commercial Bank (SCB), a full-service bank in Thailand.

SCB’s investment is part of its strategy to become a regional fintech group and follows Akulaku’s $125m round in 2021, which was co-led by its exiting investor Silverhorn Group.

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In the fourth quarter of 2021, Akulaku’s digital banking arm Bank Neo Commerce (BNC) wrapped up a public rights issue worth nearly $175m on the Indonesia Stock Exchange.

Akulaku CEO William Li said: “We founded Akulaku to meet the daily financial needs of underserved customers in emerging markets. Our recent round of funding will allow us to continue that vision by further expanding the geographic reach of our offerings across Southeast Asia and enable us to continue introducing innovations to serve our customers.”

Founded in 2016, Akulaku is said to hold a key position in Indonesia’s BNPL and consumer credit market and claims to have offered over $2.2bn in credit to over six million customers last year. 

Siam Commercial Bank president Arak Sutivong said: “This investment in Akulaku marks our continued commitment and strong belief in the long-term prospects of Indonesia as one of the fastest-growing digital economies in the region. 

Akulaku has a dominant market position and is well-positioned with its innovative technology and superior product offerings. We are excited about the investment in the company and look forward to leveraging our deep expertise in Thailand’s financial services sector to support its expansion.”

As part of its expansion plans, Akulaku is looking to list itself in the US through a SPAC deal, which could value the combined entity at $2bn, sources told Bloomberg last month.