Leading Indonesian Fintech JULO Pioneers Education funding in a few clicks for any school, college or online course in Indonesia

JAKARTA, Indonesia, 23 May 2023 /PRNewswire/ — Financial inclusion focused Indonesian digital lending company CHRISTMAS has launched a unique education function that will give customers the opportunity to ensure uninterrupted education for them and their families. With just a few clicks in the app, customers can use theirs CHRISTMAS digital credit limit to cover expenses for education across schools, colleges, universities and online courses in Indonesia. This coverage extends to more than 250,000 institutions with more being added continuously.

The Indonesian education system is ranked fourth largest in the world by China, India and the United States with over 50 million students in more than 250,000 schools. However, the current system has many challenges. According to the Central Agency of Statistics Indonesia, 67% of school dropouts are due to financial problems. The study also showed that 86% of the unemployed drop out of school at the high school level or below, affecting their ability to improve their quality of life and financial prowess in the long run.

“The launch of this unique JULO education feature underlines our commitment to ensure uninterrupted education for our valued customers and their families with easy digital credit access. Now they never have to worry about how to cover their education expenses. We are razor focused on using digital credit to empower our customers and become an integral part of their daily lives. Consumers have already started using this JULO education feature for payments covering tuition fees for primary, secondary and universities in tier-one and tier-two cities. Indonesia,” so Nimish DwivediChief Business Officer at JULO Group.

While cash loans and BNPL are widespread, education financing is limited to only a few institutions in the Indonesia. Since 2016, JULO has been offering a range of cash and non-cash options through its accessible and comprehensive digital credit platform. This new education financing feature will provide an additional layer of convenience to JULO’s rapidly growing customer base.

Yuyus – a JULO user – shared his feedback about this new feature, “It’s so cool. I have never seen such a useful feature in any other digital credit application service. It’s quite practical and helps me focus on using the loan specifically for my child’s educational needs.” Dedi, a user of traditional cash loans said. “I prefer to use this feature. I often use cash loans to settle other things spontaneously and lower my child’s school fees.”

“2023 will be a year of customer-centric innovations for CHRISTMAS. Our goal is to improve the quality of our customers’ lives and empower them with our easily accessible digital credit. We will keep our focus on developing digital credit as a key driver for financial inclusion in Indonesia.” tired Adrianus Hitijahubessy, CEO and co-founder of JULO.

About CHRISTMAS

JULO is a leading fintech company revolutionizing access to financial products for millions of new consumers in Indonesia. The company is one of the first to develop a digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness using the mobile app.

JULO was founded in 2016 and has expanded across the country. JULO is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others. JULO has been officially licensed as a supplier under OJK circulation no. KEP-16/D.05/2020 on 19 May 2020. JULO has been downloaded more than 10 million times and has facilitated access to credit for more than 1 million customers. JULO has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018) and Winner of Inclusive Fintech 50 (2019). For more information, visit https://www.julo.co.id

SOURCE JULO