- Julo, an Indonesian lending giant, is evolving into a neobank.
- The company’s loans grew 87% YoY in Q1 2024.
- Julo aims for full profitability by year-end, focusing on responsible and inclusive financial services.
Julo’s metamorphosis: from caterpillar to butterfly
Indonesian online lending giant Julo has amassed over 2 million users as of October 2023, and the company is now set to expand its offerings beyond lending.
Julo has already launched services such as the Julo Turbo virtual credit card and insurance products, but the company has announced plans to “evolve” into a neobank, focusing on building new solutions for Indonesia’s middle-market segment, which presents a US$100 billion opportunity.
Julo hit the jackpot
In the first four months of 2024, Julo’s loans issued grew by an impressive 87.19% year on year, reaching over US$189 million.
The company expects to issue more than US$650 million in loans this year, following the US$1 billion in loans it has given out since its inception in 2016. Julo’s user base also grew by 58% in 2023, surpassing the 2 million mark.
Backed by AC Ventures, Julo is already profitable on a before-tax basis and aims to achieve full profitability by the end of the year.
Ankur Mehrotra, Julo’s president, emphasizes the constant demand for responsible and financially inclusive services in Indonesia, which the company strives to provide through its neobanking initiatives.
To read the original article: https://www.techinasia.com/julos-plans-neobanking-pivot-eyes-full-profitability-yearend
