Tech in Asia: Former Grab Executive Joins Indonesian FinTech Startup Julo
According to a report from Bloomberg, the Indonesian online lending platform Julo has appointed Ankur Mehrotra, formerly the head of financing at the Southeast Asian digital behemoth Grab, to the position of president. At Julo, Mehrotra will be in charge of the company's entire strategy as well as its corporate finances. These responsibilities will include mergers and acquisitions, as well as worldwide expansion and financing.
Mehrotra worked at Grab for a total of six years. During his tenure as managing director of Grab Financial Group, which lasted from November 2017 until June 2022, he was responsible for launching the financing operation of the super app. After he left the firm, he became a consultant for a short time at BukuWarung, an app for keeping financial records based in Indonesia.
One of the most important factors that set Julo apart from its competitors is the fact that it offers loans of about $300 to consumers through its eponymous Android app at an aggressively competitive rate of 3–5% each month. The online lending platform collaborates with traditional financial institutions as well as private people to provide consumers with loans.
What’s more, it is stated that around 50 million dollars have been distributed to this point. During a fundraising round that took place in April 2018, Julo was able to secure US$80 million from the Japanese financial business Credit Saison. The amount of money that Julo loaned out in 2021 increased 3x when compared to the previous year.
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