Julo, a peer-to-peer loaning platform in Indonesia, said on Wednesday it has actually 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. The two-year-old startup, which has actually raised about $16 million to date, is now closing the round, Adrianus Hitijahubessy, co-founder and CEO of Julo, informed TechCrunch in an interview.

Through its eponymous Android app, Julo supplies loans of about $300 to users at strongly competitive rate of 3-5% per month– one of its key separating elements. Julo has managed to keep its rate of interest low since its credit history system is more effective than those of its rivals, claimed Hitijahubessy, who has accumulated more than a decade of experience in credit report systems using alternative data from his previous stints.

“There are lots of players in this market. Not just Indonesia, however worldwide. It comes down to who actually knows what they are doing. The bar is ending up being higher and it is increasingly becoming hard for digital loaning business to just release an app and charge a high rate of interest,” he stated.

Julo deals with banks and people to fund loans to clients. It says it has disbursed about $50 million to date.

Hitijahubessy said Julo will utilize the fresh capital to expand the team and boost its credit report system. The start-up plans to focus on growing its company in Indonesia itself.

In a declaration, Ganesh Rengaswamy, co-founder and partner of Quona Capital, stated, “a significant majority of JULO’s loans are used for productive functions that can boost the financial wellness of households and small companies– driving monetary inclusion in Indonesia, which is a cornerstone of Quona’s focus.”Digital financing is ending up being a significantly congested

area in South Asian markets. In India, for example, a growing number of digital mobile wallets, including Paytm and MobiKwik, have actually recently begun to offer credits to customers.

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