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Akulaku

“Can a BNPL-led consumer fintech own the full SEA underbanked financial stack — credit, digital banking, wealth, and insurance — by stitching together a self-licensed multifinance entity, a P2P arm, and a majority-owned digital bank?”

Founded2014
HQJakarta, Indonesia
FoundersWilliam Li, Gordon Hu
Latest roundDebt Refinancing, $100M (HSBC Singapore credit facility, March 2024)
IndustryFintech / Consumer banking
The story

Founded 2014 in Singapore as Silvrr offering remittance services for Hong Kong domestic workers. Pivoted to fintech in 2016 with a BNPL e-commerce platform in Indonesia. Expanded into a full financial ecosystem — consumer credit, digital banking (via majority stake in Bank Neo Commerce, 2019), wealth management, and insurance brokerage — across Indonesia, Philippines, Malaysia, and Vietnam. Differentiates on funding model: risk-sharing and revenue-linked financing structures (e.g., HSBC $100M facility in 2024) rather than pure equity dilution.

Last 12 months
2024-03
Product timeline
2014
Founded in Singapore as Silvrr providing cross-border remittance for Hong Kong domestic workers.· pivot
2016
Pivoted into fintech, launched Akulaku BNPL platform for Indonesian online shoppers.· pivot
2019
Acquired PT Bank Yudha Bhakti Tbk (BBYB), later rebranded as Bank Neo Commerce.· acquisition
2024
Closed $100M credit facility with HSBC Singapore to fund SEA expansion and new financing products.· lending
Regulated entities
4
regulatory licences held by Akulaku
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Akulaku’s embedded-finance stack
Payments / PSP
Akulaku PayLater (self-operated)Akulaku Pembayaran (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
6 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.