JULO, an Indonesia-based digital financial services platform, announced Tuesday that it has achieved significant loan disbursement growth and on track to disburse more than $650 million in 2024.

The firm said in a statement that in the first four months of 2024, its total loan disbursement surged by 87.19 percent compared to the same period the year before, exceeding $189 million.

It is noted that the company has successfully disbursed over US$1 billion in total since its 2016 inception, with a milestone of nearly $500 million disbursed in 2023 alone — a 50 percent 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 percent increase in 2023.

Backed by AC Ventures, JULO is now profitable before tax and expects to turn fully profitable by the end of the year.

Capitalizing on its proven business model and robust growth, JULO said it is poised to evolve into an impact-focused neobank, dedicated to serving the largely underserved Indonesian market and furthering financial inclusion in the region.

At the core of its success to date, the company has pioneered an innovative consumer financing product that utilizes comprehensive behavioral data for cutting-edge credit underwriting.

This strategy has enabled JULO to develop and offer virtual credit card products specifically designed for Indonesia’s middle-income population, providing unprecedented credit access to millions and promoting economic empowerment throughout the nation.

It is noted that the company’s latest growth achievements also include a 73 percent increase in revenue in 2023 and a remarkable 75 percent+ retention rate per cohort, which dramatically reduces loan acquisition costs and enhances operational efficiency.

Its 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.

“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,” JULO Group President Ankur Mehrotra said.

“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,” he added.

It is noted that the middle-market segment in Indonesia provides an approximate $100 billion opportunity.

The company said it recently launched non-credit products, such as insurance, in 2023 and will continue to build upon its 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 gross domestic product (GDP) ratio amongst ASEAN countries,” said Mehrotra.

“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,” he added.

JULO is a firm involved in digital financial services in Indonesia with a model focused on financial inclusion for the underbanked, particularly in the local middle-market income segment.

The firm does not offer collateral-based loans but instead leverages alternative data for nuanced underwriting.

This approach allows it to offer first-time credit access to underserved borrowers.

Through holistic behavioral analysis, JULO provides financial services and fosters a broader economic empowerment agenda nationwide.

Indonesia Fintech JULO adds insurance inclusion to financial inclusion with JULO Cares