Alibaba-backed consumer finance platform in South East Asia joins Mintos

28.02.2019

mintosblog

Today is an exciting day on Mintos, as we are very pleased to announce that the leading consumer finance platform in South East Asia, Akulaku, has joined the marketplace.

Akulaku was established in 2016 and, besides Indonesia, also has operations in Malaysia, Vietnam and the Philippines. The company’s vision is to create a cashless society by means of credit in Southeast Asia.

Akulaku leads the way in South East Asia

As of December 31, 2018, Akulaku had a net loan portfolio of USD 85 million. Furthermore, the loan originator has strong support from well-known international investors such as IDG Ventures, Sequoia Capital, etc.

At the end of 2018, Akulaku closed its Series D financing round with Ant Financial (part of Alibaba, one of the world’s largest unicorn companies) becoming a strategic shareholder of Akulaku. Going forward, the company will deepen the cooperation with Ant Financial and its ecosystem of companies, tapping into more growing digital segments and originating higher quality assets for its funding partners.

Since its foundation up until the end of 2018, Akulaku has attracted more than 15 million registered users, over 2.4 million borrowers and 23 million app downloads. In addition, the company has issued 32 million loans worth USD 630 million since commencing operations.

Akulaku: Partnering with Mintos is a great opportunity

“The Euro investment market is huge and full of innovation. As the leading marketplace for loans in the European Union, Mintos serves its customer base well through its professional financial ability and advanced technology. Akulaku, as an online consumer financing platform which focuses on the South East Asia market, recognises the professional operation of Mintos and the opportunities it presents for us.  

“With the same innovative fintech DNA, we know the cooperation between Mintos and Akulaku will be very smooth. Akulaku truly believes that this is a great chance to build a long-term partnership with global investors through the Mintos marketplace,” says Li Wenbo, Co-founder of Akulaku.

Akulaku has placed its Indonesia-issued short-term and instalment loans on the marketplace which are available in EUR. The company’s average short-term loan is EUR 45, with a maturity of 30 days. For its instalment loans, the average loan is EUR 120 and can have a maturity of up to 12 months.

All loans on the marketplace from Akulaku are secured with a buyback guarantee and will be repurchased if they are delinquent for 60 days or more. In addition, the company retains 10% of all loans it places on the marketplace, to ensure its interests are aligned with our investors.

To obtain exposure to Akulaku loans, investors will be able to invest in loans issued by Mintos Finance SIA, a Mintos group company, to Akulaku holding company, where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to Akulaku holding company will be pegged to a respective loan issued by Akulaku to the final borrower. Mintos Finance is a Mintos group company. A detailed description of the new structure is available in the Mintos Finance loan agreement and assignment agreement.

Don’t miss this great opportunity to diversify your investment portfolio and add a new country to the mix – Indonesia! If you use Auto Invest and want to capitalise on this new investment option, be sure to update your settings accordingly.

 

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