Online lending platform Akulaku, which operates in Southeast Asia and is backed by Alibaba, secured $100 million in debt financing from HSBC, based in London.
The founder of the mentioned platform, William Li, during a conversation with media representatives on Friday, March 22, said that the received funding will be partially used to settle some of the firm’s debts. According to him, the financial performance of the entire group seems to be on a trajectory of continued improvement, which is why there is currently no urgent need to raise money. He also stated his desire for the entire group to make a profit.
A press release from HSBC Singapore notes that the deal with Akulaku strengthens the financial institution’s commitment to backing businesses in the new economy.
In 2022, Japan’s Mitsubishi UFJ Financial Group (MUFG) and Thailand’s Siam Commercial Bank invested a total of $300 million in Akulaku.
William Li’s company began operations in 2016. The firm currently does business in countries such as Indonesia, Thailand, the Philippines, and Malaysia. The Indonesian market is the main one for the company, as this country has a high level of technological literacy population.
Last year, Akulaku disbursed loans worth about $3.5 billion. This figure is 25% higher than the result of similar activities in 2022. The company’s revenue last year amounted to about $ 500 million. This indicator showed an increase of about 20% year-on-year.
In 2024, Akulaku intends to increase revenue by 16-25%. At the same time, the company notes increased competition in the online lending sector. The firm hopes that Indonesia’s economic growth, which is expected to reach about 5% this year, will contribute to achieving its goal.
William Li, during a conversation with media representatives, also stated that Akulaku plans to increase its physical presence in the Indonesian market, which accounts for 90% of the company’s total revenue. The firm intends to hire more local senior bankers to support its operations in the mentioned country.
As we have reported earlier, HSBC to Improve Ties With Hong Kong Unit.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
