As part of the investment, Akulaku will work with MUFG companies across Southeast Asia on technology, product development, financing and distribution
The investment will be used to support Akulaku’s growth across Southeast Asia with emphasis on underserved customers and markets.
The latest investment followed a $100m in funding from Thailand-based Siam Commercial Bank a year ago.
As part of the investment, Akulaku will work with MUFG companies across Southeast Asia on technology, product development, financing and distribution.
Jakarta-based Akulaku offers digital banking, ecommerce solutions and wealth management.
Founded in 2014, it operates in the Philippines and Malaysia, in addition to Indonesia.
Kenichi Yamato, managing executive officer and chief executive of the global commercial banking business unit at MUFG Bank, said: “Southeast Asia is key and a second home market to MUFG. Our investment in Akulaku will further solidify our commitment in this region to meet growing financial needs of underserved customers.
“With Akulaku’s digital financial services backed by its strong technology, our journey with Akulaku will help us further contribute to the growth of this region.”
Akulaku said in a statement that its “emphasis on emerging markets has highlighted a vast, underserved audience in the banking industry”.
“By partnering with MUFG, another innovative financial institution, we will have the knowledge, resources, and services to meet the long-term needs of our growing customer base.
“Both companies will benefit from shared skills and knowledge, which will enable us to expand both our products and geographical reach.”