Julo, a Jakarta, Indonesia-based peer-to-peer lender offering personal loans across Indonesia, raised a $10m extension round to its Series A financing.
The round was led by Quona Capital, with participation from existing investors Skystar Capital, East Ventures, Provident, Gobi Partners and Convergence.
The new funding will provide growth capital to help the company expand its business and build enhancements to its proprietary credit scoring technology.
Established in 2017 by co-founders Adrianus Hitijahubessy and Hans Sebastian, Julo offers affordable unsecured consumer loans via digital channels using alternative data to power its proprietary credit scoring technology.
Its core product, a 3- to 6-month installment loan, is priced at a variable rate of 3-5% per month, with a nominal origination fee charged to lenders.
The average loan size is $300.