Heaptalk, Jakarta — Indonesia’s fintech JULO provides health facility financing services with monthly installment options. This service is claimed to be accessible in more than 25,000 health facilities in the archipelago.
In response to this launch, JULO’s Head of Marketing, Mikhal Anindita, said Medical expenses are often emergencies. By adding the health costs feature to the JULO application, patients can complete health cost payments quickly without burdening their cash flow. He claims that this feature is Indonesia’s only digital credit service facilitating financing for comprehensive health needs, from hospital bills, clinics, dentists, pharmacies, and laboratory medical check-ups.
“Our primary financial goal is to generate sustainable profitability for our shareholders and provide liquidity, such as an IPO plan. We are on the right track in optimizing our core products, managing risk efficiently through continued investment and attention to risk management, and diversifying our product portfolio to become an integrated financial services platform.” President Group of JULO, Ankur Mehrotra, said.
In 2023, JULO released JULO launched a series of products and features to encourage financial inclusion for the Indonesian people, such as cash withdrawal features, digital wallet top-ups, online bill payments, and education costs covering more than 250,000 formal and non-formal institutions throughout Indonesia.
Established eight years ago, JULO has been downloaded by over 10 million users and channeled around 2 million loan transactions. In 2023, JULO declared its remarkable annual recurring revenue of over USD120 million, approximately Rp1.87 trillion, with total loan disbursement experiencing a 50% growth last year. The milestone comes alongside this fintech reporting profit breakeven in December 2023.
The startup’s latest accomplishment includes a 73% revenue increase last year. JULO startup disbursed over USD454 million in loans last year, bringing its total disbursements since 2016 to approximately US$51 billion. The firm reports a remarkable 70%+ retention rate per cohort, which has reduced loan acquisition expenses and enhanced operational efficiency.
JULO Kredit Digital has developed a variety of cash and non-cash features. With a credit limit of up to Rp50 million, users can continue to use their credit limit to make payments for various health needs from within the application. Based on the company data, around 82% of JULO’s digital credit users are allocated to fulfill their productivity, life quality improvement, and healthcare.
