Indonesia’s Julo raises $10M to expand its P2P lending platform

Julo, a peer-to-peer lending platform in Indonesia, said on Wednesday it has extended its $5 million Series A raise to $15 million as it looks to scale its business in the key Southeast Asian market.

The $10 million Series A2 round for the Jakarta-headquartered startup was led by Quona Capital, with Skystar, East Ventures, Provident, Gobi Partners, and Convergence participating in it. The two-year-old startup, which has raised about $16 million to date, is now closing the round, Adrianus Hitijahubessy, co-founder and CEO of Julo, told TechCrunch in an interview.

Through its eponymous Android app, Julo provides loans of about $300 to users at aggressively competitive rate of 3-5% per month — one of its key differentiating factors. Julo has managed to keep its interest rate low because its credit scoring system is more efficient than those of its rivals, claimed Hitijahubessy, who has amassed more than a decade of experience in credit scoring system using alternative data from his previous stints.

“There are lots of players in this market. Not just Indonesia, but globally. But it comes down to who actually knows what they are doing. The bar is becoming higher and it is increasingly becoming difficult

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