Akulaku launches new features to BNPL market in Indonesia

By Leandra Monteiro

Akulaku, a digital banking and finance platform, is expanding the offerings on its Buy Now Pay Later (BNPL) platform Akulaku PayLater.

In addition, the company is partnering with over 4,000 platforms and stores across Southeast Asia, including Bukalapak, JD.ID, Tiket, and Cinema XXI, to offer promotions marking it’s 6th anniversary.

As the rate of credit card penetration in Southeast Asia remains low, the company has stepped in to offer an accessible and convenient credit option for consumers. By leveraging machine learning to guide lending decisions and detect fraud, Akulaku can offer lines of credit to those excluded from traditional finance. Akulaku PayLater, launched earlier this year, has quickly become an essential digital product to help customers manage their finances, allowing people with little to no credit history to access the goods they need now and pay in manageable increments over time. The Akulaku PayLater system is meeting the increasing demand for flexible payment plans and installment purchasing.

“Indonesia’s BNPL sector has a strong future,” said Akulaku’s CFO, Fan Zhang. “As countries in Southeast Asia continue to recover post-COVID-19 lockdowns, the overall credit market will continue to grow at an expedited rate. Akulaku is committed to innovation through enhancing our core tech and risk capabilities, as well as by developing additional technological and financial products and services. We plan to expand our partnerships with merchants both online and offline in the coming years.”

Akulaku is currently focused on expanding access to instant checkout functionality with BNPL, as instant checkout improves the success rate of payments and provides benefits to the bottom line for Indonesian merchants. Over the next two years, Akulaku aims to serve 10,000 online merchants and over 100,000 offline stores with BNPL.