“JULO is already being used by Indonesians throughout their financial lives – 72% of loans are used for improvement purposes, such as business capital, home renovation and education. By joining hands with Credit Saison, we have a fresh opportunity to take this significantly further, by re-envisioning what the future of traditional lending should look like, to truly uplift the region’s most underserved,” said Adrianus Hitijahubessy, CEO & Co-Founder of JULO.
Amidst the consolidation of peer-to-peer lenders in Indonesia, JULO has outperformed expectations, having managed a positive yield in its portfolio during the height of COVID-19 in 2020. In 2021, the total number of funds disbursed grew by more than three times as compared to the year prior, and is currently on track to increase its loan book by more than five times in the next 12 months.
The fintech company is one of Indonesia’s virtual credit card pioneers. It was one of the first to offer nationwide digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness, through a mobile app. In 2021, JULO launched a digital credit card, which saw 97% of its users utilizing non-cash features to top-up e-wallets, top up phone credits, pay utility bills and process payments on e-commerce sites.
The investment round was structured to scale the Company’s growth with a two-pronged approach. US$30M equity will be used to advance JULO’s analytics, for product development, marketing, and customer acquisition plans, by hiring additional talent across their developer, data scientist and business intelligence teams. US$50M debt will be used to fuel finance loans on the platform.