Quona Capital announces US$10m extension to Series A round in Indonesian P2P lender Julo
Fintech venture firm Quona Capital announced a US$10 million extension round to a Series A financing in Indonesian P2P lender Julo. The round was led by Accion, with participation from existing investors Skystar, East Ventures, Provident, Gobi Partners and Convergence. The new funding will provide growth capital to help Julo 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 consumer loans via digital channels using alternative data to power its proprietary credit scoring technology. Its core product is 3-6 month installment loans, priced at a variable rate of 3-5% per month, with a nominal origination fee charged to lenders.
Ganesh Rengaswamy, Quona Capital co-founder and partner, said: “A significant majority of Julo’s loans are used for productive purposes that can enhance the economic well-being of families and small businesses — driving financial inclusion in Indonesia, which is a cornerstone of Quona’s focus.”
Quona is focused on fintech for inclusion in emerging markets. Early this year, Quona made its first fintech investment in Indonesia in another P2P lender, KoinWorks. It now seeks to leverage a strategic relationship with Accion, a non-profit financial inclusion pioneer.