Julo is a peer-to-peer (P2P) lending platform in Indonesia. The plans of Indonesia’s Julo to expand its P2P platform lending in the Southeast Asian market comes after the platform has extended $5 million in the Series A. Consequently now, the platform raises to $15 million.
That Series A is worth $10 million. The series is for Jakarta-headquartered startup. Quona Capital, Skystart, East Venture, Provident, Gobi Partner, and Convergence are the participant of the Series.
Also read: OVO is Now Officially Indonesia’s 5th Unicorn
Julo
Julo was launched in 2017. The platform provides loans worth around $300 to its users. Besides, it gives competitive rates of 3-5% per month. Thus, it gains a lot of users.
Julo can keep its interest rate low due to it has a more efficient credit scoring system than other platforms.
Julo works with banks and individuals to finance loans to customers. For its customers, it says it has disbursed about $50 million to date.
According to Julo’s co-founder and CEO, Adrianus Hitijahubessy, the platform will use the fresh capital to expand the team and enhance its credit score system. Besides, it also intends to focus on growing its business in Indonesia.
The platform aims to provide loans for productive purposes that can enhance the economic well-being of families and small businesses. In the long run, it plans to drive financial inclusion in Indonesia.
Digital lending is becoming an increasingly crowded space in South Asian markets. In India, for instance, a growing number of digital mobile wallets, including Paytm and MobiKwik, have recently started to offer credits to customers.
Meanwhile, in Indonesia, there are KoinWorks, UangTeman, Assetku, and many more. They are also struggling to get more funding and attract more customers. KoinWork, for instance, has just raised $12 million two months ago.
