Akulaku Inc., an Indonesian online lender backed by Jack Ma's Ant Group Co., is in talks to get a $200 million investment from a Japanese financial group.
As it seeks to expand its presence in the Southeast Asian nation, Japan's biggest lender is negotiating the terms of a possible financing for Akulaku. The people asked not to be identified because the matter is private, said that the funds could give the startup a valuation of over $1 billion.
The people said that a $100 million fundraise from Thailand's Siam Commercial Bank Pcl earlier in the year would be added to by an investment by MUFG. Private equity firms are interested in investing in Akulaku.
The people said that the talks could fall apart. Representatives for Akulaku didn't want to speak.
Digital banking, consumer credit, digital investment and insurance broker services are offered by Akulaku. The site shows that it operates in several countries. People familiar with the matter said earlier in the year that Akulaku was considering a US listing with a blank check company that could have been valued at $2 billion.
The growth potential and young population of Southeast Asia makes it an ideal place to expand. The consumer finance businesses of Home Credit in Indonesia and the Philippines will be acquired by the Bank of Ayudhya Pcl.
Komaki Ito and Fathiya Dahrul aided in the project.
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