Indonesian fintech company JULO reported that it is on track to disburse over US$650 million in loans by the end of 2024, while also setting its sights on becoming a neobank.

From January to April this year, loan disbursements surged by 87.19% compared to the same period in 2023, reaching US$189 million.

Since its launch in 2016, JULO has disbursed over US$1 billion in total, with nearly half of that amount disbursed in 2023 alone—a 50% increase from the previous year.

The company’s user base has also grown significantly, with over 2 million users, marking a 58% increase in 2023.

With the support of AC Ventures, JULO has achieved pre-tax profitability and aims to become fully profitable by the end of the year.

The company recorded a 73% increase in revenue in 2023 and maintains a retention rate exceeding 75%, reducing loan acquisition costs and boosting operational efficiency.

Partnerships with leading financial institutions, including Credit Saison, Bank Sampoerna, and Superbank, have further supported its growth.

JULO also recently expanded its offerings by launching non-credit products such as insurance and continues to build on these new services.

This strategy is said to have improved credit access and economic empowerment across the nation.

Leveraging its successful business model, the company said that it plans to transition into a neobank, focusing on the underserved Indonesian market to enhance financial inclusion.

Ankur Mehrotra, Group President of JULO 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.

 

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.”

The article first appeared on Fintech News Singapore