Fintech lending startup JULO reportedly received series B funding of $35.3 million or over 504 billion Rupiah, led by Credit Saison Asia Pacific. According to our source, also participated in this round subsidiaries of Saratoga, PT Surya Nuansa Stories, along with Quona Capital, AC Ventures, Gobi Partners, and Central Capital Ventura (CCV).
DailySocial.id has tried to contact JULO’s representatives, but there is no confirmation until this news was published.
JULO was previously announced its series A funding in September 2019 worth of $10 million. The round was led by Quona Capital, with participation from other investors, including Skystar Capital, East Ventures, Provident Capital, Gobi Partners, and Convergence Ventures (before merging into AC Ventures).
Focus on fintech products
Currently, Julo is expanding its lending business through the JULO Kredit Digital product in order to extend the loan function for various types of transactions. Previously, it is only available for cash loans transferred by JULO to the borrower’s account.
JULO’s Co-founder & CEO, Adrianus Hitijahubessy said, the transformation of this product was encouraged by the needs of the people who started to fully shifting into digital in daily transactions. Although JULO still focuses on productive loans, according to company data, 3/4 borrowers use their credit limit for non-consumptive purposes.
“Instead of activities that improve their living standard, such as small business capital, paying school fees, renovating houses, consumptive is also on the list, but we don’t mind it. For us, after going through strict underwriting, they pass credit worthiness, they deserve the freedom to [use the limit] whatever their needs,” he said.
JULO Kedit Digital offers a credit limit up to Rp15 million with a tenor of up to nine months and an interest of 0.1% per day. As for the payment, it can be done using the monthly installment method, thereby easing the burden on users’ expenses.
The limit can be used for e-commerce transactions with JULO partners, paying bills, top-up e-wallet, cash loans, transfer, and scanning QRIS transactions. In presenting the transfer feature to e-wallet and QRIS, JULO collaborates with partners.
The expansion of the JULO credit limit function has actually been operated by other lending players, including Akulaku and Kredivo, which offer various digital transactions in their application.
This new product also removes JULO’s old products, JULO Cicil and JULO Mini. Adrianus said the two products have become part of the JULO digital credit as they have the same function. “In fact, we have expanded its features because basicallyits the same spirit, in the past we could pay off bills for up to six months, now we can expand it to nine months.”
Based on company statistics, JULO has disbursed loans amounting to Rp2.44 trillion with Rp401 billion in total outstanding loans since it was first established. Meanwhile, the total borrowers reached 337,000 people. In 2021 alone, the company disbursed Rp1.06 trillion.
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Original article is in Indonesian, translated by Kristin Siagian