Akulaku
Indonesian BNPL and digital lending app tied to a 27%-owned listed digital bank.
On the record
Checkpoint: OJK Regulation 35/2025 capital and conduct rules compliance outcomes for BNPL lenders
The call
Akulaku has a license and a data edge that software rivals cannot copy, but it still rents checkout space from platforms that own the customer.
Akulaku lets people in Indonesia buy things and pay later, using its own banking license and a dataset of millions of borrowers to decide who qualifies for credit. It is hard to copy because of its banking license and ownership stake in a digital bank, but the real threat comes from Shopee PayLater and GoPayLater, which are built directly into the apps where people shop, so Akulaku has to beg for space as a partner rather than owning the relationship. The one thing that matters most: whether Akulaku can grow its own bank's customer base as its main source of borrowers, or whether it stays dependent on deals with TikTok and Lazada to reach customers.
Why
01
AI pressure: None apparent. No AI-native lender is named eating Akulaku's book; the threat here is platform BNPL, not AI underwriting. Could AI do the core job? Unlikely.
02
Bigger players: Shopee PayLater and GoPayLater (GoTo). Both sit inside the checkout flow Akulaku must co-brand into, competing for the same thin-file borrowers at the point of sale. Could a giant copy it? Probably.
03
What protects it. OJK lending license, ~27% stake in listed digital bank BNC, and years of repayment data on thin-file borrowers.
What would change this call
Akulaku files an IPO prospectus or S-1 with audited financials. Would confirm real financial health beyond vendor-claimed profit growth.
OJK issues new enforcement action or restriction on Akulaku under Regulation 35/2025. Would show regulator curbing Akulaku's lending activity again.
Bank Neo Commerce (BBYB) reports deposit base and origination growth in quarterly filings. Would show whether Akulaku is building owned distribution or still renting checkout access.
OJK issues new enforcement action or restriction on Akulaku under Regulation 35/2025. Would show regulator curbing Akulaku's lending activity again.
Bank Neo Commerce (BBYB) reports deposit base and origination growth in quarterly filings. Would show whether Akulaku is building owned distribution or still renting checkout access.
Key numbers
- MUFG invested $200M in Akulaku
- Siam Commercial Bank invested $100M
- Akulaku owns ~27% of Bank Neo Commerce
Named risks
- Regulatory tightening via OJK Regulation 35/2025 raises capital and compliance bar for financing companies.
- Prior OJK restriction on PayLater activities (lifted Feb 2024) shows regulator willingness to intervene again.
- Distribution largely rented via TikTok, Lazada co-brand deals rather than owned, exposing Akulaku to partner platforms building native BNPL.
- Valuation frozen at $2.0 billion since December 2022 despite reported profit growth, suggesting stalled investor confidence.
- Key traction figures (users, loan book, profit growth) are vendor-claimed rather than independently audited.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Shopee PayLater | contesting | Owns checkout distribution Akulaku must partner into; both compete in Indonesia's $11.15B 2026 BNPL market |
| GoPayLater (GoTo) | contesting | Platform-native lender intensifying competition in Indonesia BNPL as of Jan 2026 market report |
| Kredivo | contesting | Named alongside Akulaku as Indonesia's leading BNPL operator in third-party market research, Jan 2026 |
| TikTok/Tokopedia embedded BNPL | gaining on | Owns platform distribution while Akulaku relies on co-brand deals with TikTok and Lazada, per 2025 vendor disclosure |
Questions people ask
- Is Akulaku profitable in 2026?
- Vendor-reported figures cited by canvasbusinessmodel.com claim Akulaku's FY2025 net profit grew about 66% year over year to roughly IDR 108 billion, driven by BNPL lending. This is a vendor-claimed figure, not an audited filing, as of mid 2026.
- Who owns Akulaku?
- Akulaku is privately held, backed by Ant Group, MUFG (about $200M invested, reported Jan 2023), Siam Commercial Bank ($100M, Feb 2022), Sequoia Capital India, IDG Capital and Qiming Venture Partners. It also owns roughly 27% of listed digital bank Bank Neo Commerce as of March 2026.
- Could AI replace Akulaku?
- No. Akulaku's core is a regulated lending and banking business built on an OJK financing license and its stake in listed Bank Neo Commerce; AI vendors can supply underwriting or customer-service tools but cannot replicate the license or bank equity that anchor Akulaku's moat.
- Who is Akulaku's biggest competitor?
- Kredivo is Akulaku's most comparably scaled Indonesian BNPL rival per third-party market research (Jan 2026), while platform-native rivals GoPayLater (GoTo) and Shopee PayLater increasingly compete for the same checkout distribution Akulaku depends on via partner integrations.
- Has Akulaku filed for an IPO?
- No IPO has been filed as of July 2026, per Forge Global and Pitchbook. HSBC (2024) and a DailySocial newsletter (June 2026) both describe Akulaku as eyeing or preparing for a listing, but no S-1 or prospectus has been confirmed.
- Has Akulaku had regulatory trouble in Indonesia?
- Yes. Indonesia's OJK previously restricted PT Akulaku Finance Indonesia's PayLater activities, then lifted the restriction via letter S-8/PL.1/2024 dated Feb 29, 2024. A new rule, OJK Regulation 35/2025, took effect Dec 22, 2025, tightening capital and compliance requirements for financing companies.
Timeline
- 2025-12-22OJK Regulation 35/2025 takes effect, tightening capital and compliance rules for financing firms
- 2025-02-10Akulaku raises $70M funding round
- 2024-05-29Akulaku announces PayLater actively distributing financing again after restriction lifted
- 2024-02-29OJK letter S-8/PL.1/2024 lifts prior restriction on Akulaku Finance Indonesia PayLater
- 2023-01-03MUFG invests about $200M in Akulaku
- 2022-12Akulaku valuation last set at $2.0 billion post-money, unchanged through 2024 profiles
- 2022-09-07Akulaku partners with Alipay+ for cross-border merchant acceptance
- 2022-02-19Siam Commercial Bank invests $100M in Akulaku
- 2019-01-15Ant Financial invests $40 million in Akulaku
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- How is Akulaku Funding its Vision to Broaden Financial Inclusion Across Southeast Asia (2024-07-31)
- Akulaku 2026 Company Profile: Valuation, Funding & Investors
- Akulaku Stock Price, Funding, Valuation, Revenue & Financial Statements (2024-03-21)
- Valuation, Funding Rounds & Stock Price (2024-03-21)
- Indonesian fintech Akulaku raises $200m from Japan's MUFG (2023-01-03)
- SCB announces US$100M strategic investment in AKULAKU (2022-02-19)
- Who Owns Akulaku Company? (2026-03-17)
- Akulaku BCG Matrix Analysis (2024-06-27)
- Akulaku, Borrower Profile (2026-07-13)
- Indonesia BNPL Market Report 2026-2031 (2026-01-16)
- Akulaku Indonesia Number of Employees 2026 (2026-06-29)
- Akulaku PayLater Is Again Actively Distributing Financing (2024-05-29)