Akulaku has submitted its prospectus for an initial public offering on the Hong Kong Stock Exchange, aiming to raise between US$300 million and US$500 million. The news was first reported by IFR on 1 September 2026 and remains unofficial; financial details and the exact offering plan have not been disclosed, and the company has not confirmed the IPO yet.
Founded in 2016, Akulaku is best known for its paylater service, which lets users spread the cost of electronics, household items and daily essentials over installments. In addition to paylater, the group runs Asetku, a cash‑loan platform, and a financing firm operating in Indonesia. It also holds roughly 34 % of Bank Neo Commerce, a digital bank listed on the Indonesia Stock Exchange, and runs operations in the Philippines, Malaysia and Thailand, where it manages a licensed digital bank.
The fintech has attracted backing from major Asian investors. Ant Group, an Alibaba‑affiliated financial technology firm, is a key shareholder. Mitsubishi UFJ Financial Group (MUFG) poured US$200 million into Akulaku in December 2022, while Siam Commercial Bank of Thailand invested US$100 million earlier. MUFG’s 2022 stake implied a valuation of about US$1.5 billion for Akulaku, and later reports in 2025 suggested the company’s value was nearing US$2 billion, though this figure has not been tested in public markets. This marks Akulaku’s second listing attempt; a 2022 plan to go public in New York via a SPAC did not materialize.
Hong Kong’s appeal to Asian companies looking to tap global investors has made it an attractive venue for Akulaku’s IPO. The Hong Kong exchange raised more than HK$280 billion in IPO proceeds in 2025, reclaiming a spot among the world’s largest IPO markets. In the first half of 2026, HK IPO fundraising reached roughly HK$210 billion from over 80 firms, marking the strongest start in five years. Southeast Asian firms are increasingly viewing Hong Kong as a listing destination because of its liquidity, access to Asian capital and proximity to Chinese financial networks. For Akulaku, listing in Hong Kong offers an alternative to Indonesia’s capital market, where technology firms that debuted in 2021‑2022 have largely traded below their offering prices.
Potential investors will scrutinize Akulaku’s regulatory history and profitability. In October 2023, Indonesia’s Financial Services Authority restricted Akulaku’s financing arm from issuing new paylater loans after the company failed to complete required remedial actions. The curbs were lifted at the end of February 2024 once Akulaku submitted a corrective plan covering governance and risk management. In 2025, Akulaku’s Indonesian financing unit posted a net profit of Rp108 billion, up 66 % year‑on‑year, and disbursed new financing of Rp7.44 trillion, with about 89 % of that volume coming from paylater services. Consolidated financial statements that include Bank Neo Commerce and Akulaku’s international operations are not yet publicly available because the IPO process remains confidential.
Recent research shows that Asian fintech firms listing on Hong Kong exchanges have historically enjoyed a valuation boost of roughly 30 % within their first year of trading, underscoring the market’s attractiveness for regional technology companies seeking broader investor reach. Studies also indicate that firms with strong regulatory compliance records post‑IPO tend to experience higher shareholder returns, highlighting the importance of the remedial actions Akulaku has undertaken.
Akulaku’s move to Hong Kong reflects a strategic response to both market opportunities and challenges. By tapping a more liquid and internationally oriented exchange, the company aims to secure the capital needed for expansion while benefiting from a regulatory environment that rewards transparent governance. The firm’s solid profit growth and diversified business model, spanning paylater, digital banking and cross‑border operations, position it as a compelling player in the evolving Asian fintech landscape.
Akulaku’s bold step toward a Hong Kong listing signals a new chapter of growth and global visibility. Embrace this momentum and watch the fintech pioneer redefine financial services across Southeast Asia.
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