JULO, a leading digital financial services platform focused on financial inclusion for the underbanked in Indonesia, announced significant loan disbursement growth. In the first four months of 2024, JULO’s total loan disbursement surged by 87.19% compared to the same period the previous year, exceeding US$189 million. The company is now on track to disburse more than US$650 million in 2024.
Since its inception in 2016, JULO has successfully disbursed over US$1 billion in total loans, with nearly US$500 million disbursed in 2023 alone—a 50% increase from the prior year. The user base has also grown significantly, attracting over 2 million users, marking a 58% increase in 2023.
Backed by AC Ventures, JULO is now profitable before tax and expects to be fully profitable by the end of the year. Leveraging its proven business model and robust growth, JULO is set to evolve into an impact-focused neobank, committed to serving the underserved Indonesian market and furthering financial inclusion in the region.
At the core of its success is an innovative consumer financing product that uses comprehensive behavioral data for advanced credit underwriting. This strategy has enabled JULO to develop virtual credit card products tailored for Indonesia’s middle-income population, providing unprecedented credit access and promoting economic empowerment.
JULO’s recent achievements include a 73% increase in revenue in 2023 and a retention rate of over 75% per cohort, significantly reducing loan acquisition costs and enhancing operational efficiency.
JULO’s growth is supported by partnerships with leading financial institutions, including global firms like Credit Saison and local giants such as Bank Sampoerna and Superbank, to empower disbursements to the middle-income segment in Indonesia.
JULO Group President Ankur Mehrotra explained, “Investor sentiments may fluctuate, mirroring the broader economic and investment cycles. Despite this volatility, the demand for a responsibly led, financial inclusion-focused financial services firm in Indonesia has remained steadfast. At JULO, we are committed to being that impact-driven entity. Now, more than ever, there is a clear investor appetite for businesses like ours that not only deliver substantial social impact but also generate solid financial returns for our investors.”
The middle-market segment in Indonesia provides an approximate US$100 billion opportunity. The company recently launched non-credit products, such as insurance, in 2023 and will continue to build upon its new offerings.
Ankur said, “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 amongst ASEAN countries. Despite facing various crises and unforeseen headwinds, JULO has successfully navigated the market for over seven years and is now flourishing more than ever. We are committed to building a business that will transcend generations.”
