Indonesian fintech company Akulaku is reportedly exploring an IPO in Hong Kong to raise over US$300 million, as reported by DealStreetAsia.
While media reports suggest a market debut could happen as early as July, this timeline remains unconfirmed market speculation.
The digital finance platform previously considered going public in 2022.
Sources indicate that Hong Kong is being considered due to its market liquidity and the mainland Chinese background of founders William Li and Gordon Hu.
Akulaku declined to comment on the potential public listing.
Debt financing and earnings growth
In parallel with the public listing discussions, the company secured a 500 billion rupiah (US$27.5 million) working capital facility from PT Bank Danamon Indonesia.
The debt injection will support Akulaku Finance Indonesia in expanding its financing capacity. Danamon is a consolidated subsidiary of Japan’s Mitsubishi UFJ Financial Group, an existing investor in the broader Akulaku ecosystem.
The fintech company previously raised US$100 million in debt financing from HSBC in 2024 and US$200 million from MUFG in December 2022.
The IPO considerations follow positive corporate earnings for the 2025 financial year.
Akulaku reported a net profit after tax of 108 billion rupiah (US$6.4 million), which is a 66% increase from the previous year.
BNPL drives portfolio expansion
This growth was driven by its BNPL portfolio, with new loan disbursements rising 23% to 7.44 trillion rupiah. BNPL products accounted for approximately 89% of the company’s total financing portfolio in 2025.
In Indonesia, the Akulaku Group operates a multi-product e-commerce platform and is a major shareholder of Bank Neo Commerce.
It also runs Akulaku Finance for consumer lending and Asetku for short-term cash loans.
Beyond its domestic market, the company operates in the Philippines, Malaysia, and Thailand.
It also runs the licensed digital bank OwnBank in the Philippines.
While the BNPL sector presents risks related to asset quality, Akulaku reported a net non-performing financing ratio of 1.1% in its corporate disclosures.
The broader market environment in Indonesia has seen the Financial Services Authority (OJK) tighten BNPL regulations, a shift that industry observers suggest could reinforce the position of established companies in the sector.
Featured image credit: Edited by Fintech News Indonesia, based on image by lifeforstock via Magnific
