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Indonesian peer-to-peer lending firmraised an additional US$10 million in a series A2 round led by fintech venture company Quona Capital.
Skystar Capital, East Ventures, Provident Capital, Gobi Partners, and Convergence Ventures also participated in the round.
Established in 2017, the personal loans app provides unsecured consumer loans and uses a proprietary credit scoring technology to assess applicants. It also offers cashback bonuses and allows good customers to borrow a higher amount at a lower interest rate.
Julo plans to use the new funds to expand its business and further develop its credit scoring technology.
“A significant majority of Julo’s loans are used for productive purposes that can enhance the economic well-being of families and small businesses – driving financial inclusion in Indonesia, which is a cornerstone of Quona’s focus,” said Quona Capital co-founder and partner Ganesh Rengaswamy.
The startup’s core product is a three- to six-month installment loan priced at a variable rate of 3% to 5% per month. The average loan size of US$300.
According to a report, only abouthave debit and credit cards. This has led to a surge in the country’s online lending space.
Earlier this month, Jakarta-based fintech firm Kredivo closed a credit line of up toto fund loans for its borrowers.
Indonesian digital wallet Ovo, the payment partner of ride-hailing giant Grab in the country, recentlyP2P lending startup Taralite to provide loans and credit to shoppers and merchants in its ecosystem.
Last year, Gojek alsowith local P2P lenders Findaya, Dana Cita, and Aktivaku in a bid to strengthen its position in financial services.