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Indonesian P2P Lending Startup Julo Raised $60M From Credit Saison

Julo is worth $200 million after the latest share issuance, according to DealStreetAsia’s Data Vantage platform calculations.

P2P Lending Startup Julo Raised $60M From Credit Saison

According to regulatory documents, Indonesian peer-to-peer lending (P2P) network Julo has received $60 million in Series B investment from Japanese financial services business Credit Saison.

Credit Saison has put $30 million into Julo’s Series B2 shares, which are now trading at $63.77 per piece. The startup’s filings with Singapore’s ACRA (Accounting and Corporate Regulatory Authority) show that it has also been given options to purchase Series B3 shares for an additional $30 million.

Julo has also granted $6.36 million in Series B1 shares to convertible noteholders who previously invested in the firm under the September 2020 agreement. MDI Ventures, Central Capital Ventura, AC Ventures, PT Surya Nuansa Ceria, Saratoga’s investment arm, the  Quona Capital-managed Accion Quona Inclusion fund, and Meranti ASEAN Growth Fund and others were among the investors who received these shares.

Julo was in negotiations with Credit Saison in January to spearhead a $100 million round of financing that included a combination of loan and equity, according to DealStreetAsia.

Julo also increased the number of shares in its employee stock option plan (ESOP) from 190,833 to 399,719 shares, according to its filing. Julo is worth $200 million after the latest share issuance, according to DealStreetAsia’s Data Vantage platform calculations.

Julo has also recruited additional members to its board, including Thadea Silvana, Julo’s co-founder, Wong Shing Kit and engineering head Hans Sebastian, in line with the Series B investment. Silvana is formally registered with the Indonesian government as Julo’s president commissioner.

Adrianus Hitijahubessy and Hans Sebastian co-founded Julo in 2017 with the goal of connecting institutional lenders with the unbanked and underbanked people through its app. In 2020, the country’s Financial Services Authority (OJK) granted it a lending licence.

In 2017, Skystar Capital led a seed round for the financial business, which raised an undisclosed sum. It then secured a total of $15 million in Series A investment, with the first $5 million coming from East Ventures and Skystar Capital in 2018 and the second $10 million coming from Quona Capital the following year.

Julo’s chances have been boosted by the new investment, which comes after a difficult moment for the country’s P2P lenders following the emergence of the COVID-19 pandemic. The phase has been completed.

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