Ant-backed Akulaku mulls SPAC merger at $2B value

Akulaku Inc., an Indonesian online lender backed by Jack Ma’s Ant Group Co., is considering a U.S. listing via a merger with a blank-check company that could value the combined entity at about $2 billion, according to people with knowledge of the matter.

The fintech startup is working with advisers on a potential deal and is in early talks with Catcha Investment Corp., the special purpose acquisition company set up by internet entrepreneur Patrick Grove, said the people, who asked not to be named as the process is private. A merger with a blank-check company could take place as soon as this year, the people said.

The Indonesian company is currently seeking to raise $200 million to $300 million from a private funding round, the people said.

Discussions are preliminary and could fall apart, and the company could decide to explore a combination with a different SPAC, the people said. A representative for Catcha Group declined to comment, while Akulaku didn’t immediately respond to requests for comment.

The Jakarta-based startup would join a growing list of companies in Southeast Asia that have agreed go public in the U.S. via SPAC mergers. They include Singapore’s PropertyGuru Pte and FinAccel Pte, the parent of Indonesian fintech Kredivo.

Akulaku, founded in 2014, offers digital banking, consumer credit, digital investment and insurance brokerage services, according to its website. It operates in Indonesia, Vietnam, Malaysia and the Philippines, the site shows. 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.

–With assistance from Fathiya Dahrul.