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Payments General

Ant Financial invests USD 40 mln in fintech lender Akulaku

Tuesday 15 January 2019 | 10:43 AM CET

China-based fintech Ant Financial has announced investing USD 40 million in Indonesia-based fintech lending company Akulaku.

This came in quick succession after the previous round led by China-based Finup. Akulaku started off as Silvrr offering remittance services to overseas workers in Hong Kong. As the fintech lending in China picked up, Silvrr pivoted into instalment for electronics and chose Indonesia as its market. The Ant Financial investment puts Akulaku at a USD 450 million total valuation.

Ant Financial is a technology company that originated from Alipay, initially an escrow service, founded in 2004. Ant Financial Services Group is dedicated to using technology to provide inclusive financial services to individuals as well as small and micro businesses.

Ant Financial offers financial services using technologies such as blockchain, AI, big data, Internet of Things, and cloud computing. The company has developed online platforms to provide products and services, covering payments, loans, third-party insurance and wealth management that focus on the financial needs of small businesses and individuals.

More: Link
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