Akulaku Considers Going Public Through SPAC at $2B

Indonesian online lender Akulaku Inc. is mulling going public in the U.S. through a merger with a blank-check company that would value the company at almost $2 billion, people with knowledge of the situation told Bloomberg Friday (Jan. 14).

Akulaku, which is backed by Ant Group, is working with advisers on a potential merger and is early discussions with special purpose acquisition company (SPAC) Catcha Investment Corp., which was launched by internet entrepreneur Patrick Grove, according to the Bloomberg report.

The merger — with Catcha Investment Corp or another SPAC investor — could happen later this year.

Akalaku, which was founded in 2014, is looking to raise $200 million to $300 million in a private funding round.

A Catcha Group representative declined Bloomberg’s request for comment. Akulaku didn’t immediately respond to Bloomberg’s requests for comment.

Akulaku offers digital banking, consumer credit, digital investment and insurance brokerage services, according to its website. It has locations in Indonesia, Vietnam, Malaysia and the Philippines.

The company expected annual revenue of $619 million and gross merchandise value of about $5 billion in 2021, according to an internal document from October seen by Bloomberg News.

Related: Indonesia Digital Bank Rights Issue Attracts Grab Subsidiary Carro, Other Supporters

Indonesian digital lender Allo Bank is attracting the attention of car marketplace Carro, a subsidiary of food delivery platform Grab, as well as eCommerce firm Bukalapak.com, conglomerate Salim Group, online travel startup Traveloka and Growtheum Capital Partners in its 4.8-trillion-rupiah (about $334 million) rights issue.

Allo Bank, led by Indonesian tycoon Chairul Tanjung, plans to sell more than 10 billion shares at 478 rupiah (about 3 cents) each through Jan. 19.

Tanjung’s Mega Corpora will increase its investment in Allo by 1.3 trillion rupiah (about $90.4 million) through the rights issue, while Bukalapak.com has agreed to buy 1.2 trillion rupiah (about $83 million) of Mega Corpora’s preemptive rights, and Salim Group’s Indolife Investama Perkasa will buy 623 billion rupiah (about $43 million) worth of shares.

At the conclusion of the rights issue, Allo Bank’s core capital will increase to more than 6 trillion rupiah (about $417 million) and have access to customers and merchants in retail, commerce, ride hailing and delivery, travel and autos through the rights issue.