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Fintech startup Akulaku reportedly raises US$5-10M from DCM Ventures, others

Fintech startup Akulaku reportedly raises US$5-10M from DCM Ventures, others

Akulaku is an e-commerce platform that allows users to shop by using installment, without having the need to own a credit card

Southeast Asian fintech firm Akulaku has been reported to raise a US$5-10 million funding round from a number of global venture capital firms, including DCM Ventures and Qiming VC, according to Dealstreet Asia.

Citing three anonymous sources, the report said that the investment has been closed “a few months” ago.

But Akulaku later responded by saying that the company does not want to share any “inside information.”

It also denied the involvement of Qiming VC in the reported investment, and said that the amount quoted was inaccurate.

Operating in five countries including Malaysia, Indonesia, and the Philippines, Akulaku is an e-commerce platform that allows users to shop using installment without the need of having a credit card.

Also Read: Google Indonesia reveals rising credit card application, rice cooker searches during Ramadan

It claimed to be the first online mall in the region that allows users to buy “every items” on installment.

The solution is considered ideal for markets with low credit card penetration rate.

A similar concept is implemented by Kredivo, which is operated by FinAccel.

The startup targets e-commerce platform users, and it help them get short term financing for their purchases. It also allows users to apply for instant credit before paying for the goods over time.

As an example of a market with low credit card penetration, FinAccel CEO Akshay Garg dubbed Indonesia as an “interesting” example due to the size of its credit card penetration gap.

“… If you look at the size of Indonesian economy, with nearly a trillion US Dollar in terms of GDP, there’s no country of this economic size where the credit to GDP ratio is so low. It’s literally the lowest,” he explained in a past interview with e27.

Image Credit: sentavio / 123RF Stock Photo

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