Julo, a fintech company from Indonesia, received an injection of USD 80 million from Credit Saison. What do you want to wear?
Series B funding from Credit Saison was made to support Julo's growth through USD 30 million equity and USD 50 million credit facilities. Julo will use the equity of US$30 million to develop a data analysis system, product development, and marketing.
They also plan to increase customer acquisitions in all corners of Indonesia by adding Human Resources (HR) in the development team, data scientist and business intelligence. Meanwhile, US$50 million credit facility will be allocated to facilitate loan funds on the Julo platform.
So far, according to Julo, they have distributed credit access to 500 thousand customers. 72% of its customers use credit to improve the quality of life, such as business capital, home renovations, and education costs.
One of Julo's customers from Riau - Lusilia D - shared her productive credit story with Julo Kredit Digital.
"Initially my credit application was to finance my sister's school needs. At that time I also happened to be looking for and needed capital for an online shop business. Finally I tried Julo Digital Credit and without realizing it until now I have used Julo repeatedly," said Lusilia , in the information we have received.
In addition to tuition fees, most of Julo's customers take advantage of digital credit limits for business capital needs. Nur D, a seafood stall entrepreneur from Balikpapan also admitted that he was greatly helped by the Julo Kredit Digital application.
"Initially, my relation who worked as a Grab driver got the Julo limit from GrabModal. I was also interested in installing Julo, it turned out to be very useful for withdrawing funds and used for capital for my seafood stall. Usually to buy food ingredients such as crab and shrimp which are quite expensive, especially if sales are down," said Nur.
In addition to easy access, Julo has also launched an innovative digital credit feature that includes cash and non-cash transactions with a maximum limit of up to Rp. 15 million.
Having obtained a permanent permit from the OJK since May 2020, customers can use digital credit limits for various services including withdrawing & sending funds, buying credit & data, paying PLN electricity bills, digital wallet top-ups, paying e-commerce, paying BPJS bills up to postpaid card.
The following product feature innovations are a form of Julo's commitment to the people of Indonesia - especially for the 47 million underbanked people in accessing financial services and facilitating further financial inclusion.
"The financial inclusion index is one of the components that sufficiently influences the condition of sustainable local and national economic growth. Although Indonesia's financial inclusion index continues to grow and has reached 76.19 percent in 2021, the acceleration of financial inclusion should be a major concern for players industry," said Adrianus Hitijahubessy, CEO & Co-Founder of Julo.