Bank Yudha Bakti (BBYB), registered in IDX, announces advanced funding of 500 billion rupiah from digital payment platform, Akulaku. At the prior stage, Akulaku took over 8,9% shares previously owned by Gozko Capital at 158 billion rupiah. Akulaku becomes the ready buyer to acquire BBYB’s right issue in May.

Quoted from Kontan, BBYB’s President Director, Denny Novisar Mahmuradi said, “Akulaku is a fintech with expertise in technology. We’ll have a synergy with a support of our technology and to add a new line of business.”

BBYB’s digital transformation is expected to support other entity to level up from Book I to Book II with core value from Rp1 trillion up to Rp5 trillion. Besides Akulaku, BBYB also partners with Telkom Group for infrastructure development.

Akulaku, per Startup Report 2018, has more than $500 million valuation (more than 7 trillion rupiah) after series D rumor from Alibaba in early 2019. The support for banking institutions can help the company to acquire new consumers, including opportunity for product synergy.

They recently launch an affiliated peer-to-peer lending called Asetku.

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Original article is in Indonesian, translated by Kristin Siagian