JULO, an Indonesia-based digital financial services platform, has on Monday announced it has achieved an annual recurring revenue of over $120 million, with its total loan disbursement experiencing a 50 percent growth in 2023.

The milestone comes alongside the company reporting operating profit breakeven in December 2023, underscoring its sustainable business model and operational efficiency, JULO said in a statement.

Backed by investors such as AC Ventures, Credit Saison, Quona Capital, and Saratoga, JULO was founded with the vision to democratize financial services in Indonesia.

The firm pioneered a unique consumer financing product that leverages holistic behavioral data for innovative credit underwriting.

This approach has allowed JULO to successfully launch and manage virtual credit card products tailored to the needs of Indonesia’s middle-income segment, providing first-time credit access to millions and fostering economic empowerment across the country.

The company’s latest growth achievements also include a 73 percent increase in revenue in 2023.

JULO disbursed more than $454 million in loans in 2023, bringing its total disbursements since 2016 to approximately $1 billion.

The firm reports a remarkable 70 percent+ retention rate per cohort, which dramatically reduces loan acquisition costs and enhances operational efficiency.

According to the statement, JULO’s growth is bolstered by partnerships with leading financial institutions, including global firms like Credit Saison and also local giants like Bank Sampoerna and Superbank, to empower disbursements to the middle-income segment in Indonesia.

“Our key financial goal is to generate sustainable profitability for our shareholders and provide a liquidity event such as an initial public offering (IPO) down the road,

“We believe that we are on the right track as we optimize our core product, manage our risk efficiently through continued investment and attention to risk management, and further diversify our product portfolio, ultimately becoming a fully integrated financial service platform,” JULO Group President Ankur Mehrotra said.

According to JULO’s Group President Ankur Mehrotra, JULO has been laying the foundation to build a full stack of digital financial (neobanking) services for the middle-market segment in Indonesia, and this segment provides a near $100 billion opportunity in Indonesia alone.

It is noted that the company recently launched non- credit products, such as insurance, in 2023 and will continue to build upon its new offerings.

Beyond financial services, JULO launched a local campaign in partnership with UNICEF in Indonesia, aiming to improve the quality of life for Indonesian children through donations made from every transaction.

This initiative highlights JULO’s commitment to societal impact and underscores the positive effects of its operations beyond financial metrics.

As JULO continues on its path of growth and innovation, it said it remains dedicated to its mission of providing accessible and inclusive financial services, driving positive change in the communities it serves, and setting new standards in the digital financial services industry.

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