JULO Pulls In US$120M ARR, Grows Portfolio 50%, Reports Profitability

JULO, a digital financial services platform dedicated to financial inclusion for the underbanked in Indonesia, today announced it has achieved a remarkable annual recurring revenue of over US$120 million, with its total loan disbursement experiencing a 50% growth in 2023. The milestone comes alongside the company reporting operating profit breakeven in December 2023, underscoring its sustainable business model
and operational efficiency.

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. It 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% increase in revenue in 2023. JULO disbursed more than US$454 million in loans in 2023, bringing its total disbursements since 2016 to approximately US$1 billion. The firm reports a remarkable 70%+ retention rate per cohort, which dramatically reduces loan acquisition costs and enhances operational efficiency.

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.

JULO Group President Ankur Mehrotra explained, “Our key financial goal is to generate sustainable profitability for our shareholders and provide a liquidity event such as an 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 has been laying the foundation to build a full stack of digital financial (neobanking) services for the middle-market segment in Indonesia. This segment provides a near US$100 billion opportunity in Indonesia alone, said JULO’s Group President Ankur Mehrotra.

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 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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