Indonesian Fintech Companies Juro The company reported that it plans to disburse more than $650 million in loans by the end of 2024 and is also looking to become a neobank.
Loan disbursements from January to April this year surged 87.19% compared to the same period in 2023, reaching US$189 million.
JULO has disbursed a total of more than US$1 billion since its inception in 2016, with almost half of that amount being disbursed in 2023 alone, a 50% increase from the previous year.
The company’s user base has also grown significantly, exceeding 2 million users and registering a 58% increase in 2023.
With the backing of AC Ventures, JULO has achieved a pre-tax profit and is on track to be fully profitable by the end of the year.
The company is on track to grow revenue by 73% in 2023, maintain a retention rate above 75%, reduce loan acquisition costs, and increase operational efficiencies.
Partnerships with leading financial institutions such as Credit Saison, Bank Sampoerna and Superbank have further fuelled the company’s growth.
JULO has recently expanded its services with the launch of non-credit products such as insurance and continues to build out these new services.
The strategy is said to have improved access to credit and economic independence across the country.
The company said it plans to leverage its successful business model and transition to becoming a neobank, with a focus on the underserved Indonesian market to enhance financial inclusion.
Ankur Mehrotra
Ankur Mehrotra, Group President, JULO said:
“At JULO, we are committed to being an impact-driven organisation and now, more than ever, there is clear investor interest in companies like ours that not only deliver significant social impact but also solid financial returns for investors.
“With Indonesia having the lowest household debt-to-GDP ratio among ASEAN countries, we are very optimistic about Indonesia’s long-term macroeconomic outlook and the enduring potential of its financial services industry. Despite facing various crises and unexpected headwinds, JULO has successfully navigated the market for over seven years and is now thriving more than ever before.”
