Indonesian peer-to-peer lender JULO has extended its Series A funding round with $10m.
JULO’s new funding round will provide growth capital to expand the startup and build enhancements to its proprietary credit scoring technology.
“Access to affordable personal loans on a short-term basis is often the difference between a family being able to pay for its daily needs like education, or not,” said Adrianus Hitijahubessy, co-founder and CEO of JULO. “At JULO, we use proprietary credit scoring technology to put money in the hands of people who need it to pay for education, home improvements or working capital – all at affordable rates.”
The round was led by Quona Capital, a venture firm specializing in the FinTech industry. Quona Capital and non-profit firm Accion raised a mutual investment fund worth $141m in March 2017. The round has previously been used to support the growth of the personal finance platform Fisdom.
“Quona Capital is excited to lead the investment in JULO as it works to enable consumers in Indonesia to access the short-term capital they need to get ahead,” said Ganesh Rengaswamy, co-founder and partner at Quona Capital. “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.”
Existing investors Skystar, East Ventures, Provident, Gobi Partners and Convergence also participated in JULO’s new round.
East Ventures closed a heavily oversubscribed fundraise saw it close a fund worth $75m fund in August 2019. The VC firm more than doubled its initial $30m goal.
Copyright © 2019 FinTech Global
