P2P Lending Startup Julo Announces Series A Funding Of 140 Billion Rupiah

Startups July announced a series A funding round of $10 million (approximately 140 billion Rupiah) led by Quona Capital. Other participating investors are Skystar Capital, East Ventures, Provident Capital, Gobi Partners, and Convergence Ventures.

This funding is actually in addition to the series A round that took place last year. Julo has pocketed a fresh fund of $5 million, so in total this startup earned $15 million (around 280 billion Rupiah) in series A.

"This funding has presented and opened up opportunities for Julo to continue to grow and provide the best service," said Founder & CEO of Julo Adrianus Hitijahubessy in an official statement.

He added that this funding will be used to develop the business as a whole by expanding the team and improving the quality of the credit score system. This focus is in line with the company's efforts to improve the livelihoods of the Indonesian people, which is reflected in the majority of its loan portfolio for productive loans.

"That's why we're always developing new features to improve our services and reach people across the country," he said.

This startup that was founded in 2016 offers loans of between 500 thousand to 8 million Rupiah and can be paid in installments for a maximum of six months. The interest offered is 3%-4% per month or 0,1%-0,3% per day, claimed to be one of the lowest.

Nevertheless, Julo still prioritizes the principle of risk mitigation. Without going any further, he claimed credit scoring the one used by Julo is more efficient than similar players.

Until now, Julo has disbursed loans of Rp431 billion to 116 thousand total borrowers. Of the number of borrowers, 54 thousand of them are active borrowers. If you look at the achievements in 2019 alone, Julo has disbursed Rp321 billion or 74,4% of the total distribution.

Julo's service coverage is spread across 18 regions, including Sukabumi, Tasikmalaya, Sumedang, Cianjur, Garut, Palembang, Bandar Lampung, to Mataram.