The funding round was led by Chinese fintech company Fanpujinke Group

Akulaku, fintech startup with business concentrated in Southeast Asia, has raised US$70 million worth of Series C funding round led by another fintech company from China, Fanpujinke Group, as reported by China Money Network.

Joining this funding round are Sequoia India, BlueSky Venture Capital, and Qiming Venture Capital.

The fresh fund will be used to explore other financial services and also strengthen Akulaku’s current hold on markets.

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Akulaku started off in 2016 as a virtual credit card provider focusing on markets like Indonesia and Southeast Asia before slowly building its own e-commerce platform offering mainly 3C products and virtual payment options. Akulaku also has expanded and operated in the Philippines and Vietnam.

“Using this funding, we will explore online options such as small payments for catering and convenience stores, and loan services for high-quality small and medium-sized merchants. At the same time, we will further deepen the market penetration in Vietnam and the Philippines.” Li Wenbo said, Akulaku’s CEO.

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Previously, Akulaku managed to bagged lUS$5 million Series A round of funding in early 2016, led by DCM, and followed by China Growth Capital and IDG. The Series B funding then was subsequently raised for US$30 million led by Square Peg Capital, and joined by MDI Ventures and Atami Capital, Jungle Ventures, Openspace Ventures, GMO Ventures, Alpha JWC, and 500 Startups.

The company claimed that it currently boasts almost 20 million app downloads, over 13 million registered users, and oversees monthly transactions of close to $100 million.

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Image Credit: Akulaku

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