Heaptalk, Jakarta — Indonesia-based fintech startup JULO has experienced significant loan disbursement growth. In the first four months of this year, the startup’s total loan disbursement surged by 87.19% compared to last year, exceeding US$189 million. As a result, JULO is on track to disburse over US$650 million in 2024.
The company’s latest growth achievements include a 73% increase in revenue in 2023 and a remarkable 75%+ retention rate per cohort, reducing loan acquisition costs and enhancing operational efficiency. The startup’s growth is bolstered by partnerships with leading financial institutions, including Credit Saison, Bank Sampoerna, and Superbank, to empower disbursement to the middle-income segment in Indonesia.
“Investor sentiments may fluctuate, reflecting the broader economic and investment cycles. Despite this volatility, demand for a responsibly led, financial inclusion-focused financial services firm in the archipelago has remained steadfast. We are committed to being that impact-driven entity. We perceive a clear investor appetite for businesses like ours that deliver substantial social impact and generate solid financial returns for our investors.”
Since its inception in 2016, JULO has successfully channeled over US$1 billion, with a milestone of nearly US$500 million disbursed in 2023, a 50% increase from the previous year. The company has also seen a surge in its user base, attracting more than 2 million users, marking a 58% increase in 2023.
As the key point of its business accomplishment, this startup continues to focus on comprehensive behavioral data for cutting-edge underwriting. This strategy has enabled JULO to develop and offer virtual credit card products specifically designed for Indonesia’s middle class, providing unprecedented credit access to millions and promoting economic empowerment throughout the nation.
Moreover, JULO observed that the middle-market segment in Indonesia provides an approximate US$100 billion opportunity. To utilize this opportunity, JULO recently launched non-credit products, such as insurance, in 2023 and will continue to build upon new offerings.
“We are deeply optimistic about the long-term macroeconomic prospects of Indonesia and the enduring potential of its financial services industry, given that Indonesia has the lowest household debt to GDP ratio among ASEAN countries. Despite facing various crises and unforeseen headwings, JULO has successfully navigated the market for over seven years and is now flourishing. We are committed to building a business that will transcend generations.” Ankur said.
