Indonesian Julo raises $ 10 million to expand P2P lending platform – TechCrunch



Julo, a peer-to-peer lending platform in Indonesia, said on Wednesday it has increased its $ 5 million Series A raise to $ 15 million as it seeks to expand its business in the key market of South East Asia.

The $ 10 million Round A2 round for the Jakarta-based startup was led by Quona Capital, with participation from Skystar, East Ventures, Provident, Gobi Partners and Convergence. The two-year-old startup, which has raised around $ 16 million to date, is now closing the cycle, Adrianus Hitijahubessy, Julo’s co-founder and CEO, told TechCrunch in an interview.

Thanks to its eponymous Android app, Julo offers loans of around $ 300 to users at a very competitive rate of 3-5% per month, one of its main differentiators. Julo has managed to keep his interest rate low because his credit scoring system is more efficient than those of his rivals, said Hitijahubessy, who has accumulated over a decade of experience in credit scoring systems. using alternative data from his previous passages.

“There are a lot of players in this market. Not just in Indonesia, but around the world. But it’s about who actually knows what they’re doing. The bar is getting higher and higher and it’s getting harder and harder for digital lenders to just run an app and charge a high interest rate, ”he said.

Julo works with banks and individuals to finance loans to clients. He says he has spent around $ 50 million to date.

Hitijahubessy said Julo will use the new capital to expand the team and improve his credit score system. The startup intends to focus on growing its business in Indonesia itself.

In a statement, Ganesh Rengaswamy, co-founder and partner of Quona Capital, said: “A significant majority of JULO loans are used for productive purposes which can improve the economic well-being of families and small businesses – promoting the financial inclusion in Indonesia, which is the cornerstone of Quona’s concentration.

Digital lending is becoming an increasingly crowded space in South Asian markets. In India, for example, a growing number of digital mobile wallets, including Paytm and MobiKwik, have recently started offering credit to customers.


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