My company for KFUND to model itself after (then surpass) is Julo.
After looking at just about every company on the current list, Julo really strikes me as what KFUND can be. There are a broad range of companies doing different types of p2p and MSME funding. Some like Tanifund only want to deal with agricultural loans, Shariah lenders have their own guidelines that don't apply to the whole population. Others when you look at their websites (Finplus), it really leaves you scratching your head (it's 1 page, with no link to their app). It gives me great hope when you see Prosperitree.co.id (another 1 page beauty) has 100,000+ installs, yet designed a website where there are pictures covering up text everywhere.
All that being said:
-Julo was founded at the end of 2016.
-Got seed money from Skystar Capital at the end of July 2017 (undisclosed amount, but looking at Skystar's site and what they typically give a start-up, probably $850,000 to $1.5 mil). They said they would use this money for product development, machine learning investment, team development, and distribution.
-Got Series A funding of $5 mil on 5-21-18. They said they would use this money to grow it's team, and accelerate the growth of it's loan portfolio.
-Got registered with the OJK on 7-31-18.
-Got Series A2 funding on 9-18-19 of $10 mil. Said it would use this money to hire new employees, improve its credit scoring system, and grow it's business in country.
They are now processing more than 10,000 loans a month, and have disbursed more than $50 mil in loans.
Their product is simple, has 3 offerings that boil down to short-term(.33% interest daily), monthly(1.5% to 4% mo. interest), and longer term(you pledge your house, car, or motorcycle as collateral).
Their average loan size is $300.
There isn't many publicized numbers from second half 2017 when they started. But I'm guessing if they got $5 mil in funding in May 2018, they were doing ok.
They have a 4 star rating in the Play Store, with over 1 million downloads, and 128,000 reviews. This is amongst the best I've seen (4 stars) with that many reviews. To compare, Modalku is 3 stars, Koinworks is 2.3 stars (Yikes!), and Ammana is 2.9 stars.
They keep up with their social media. Have 11,500 followers on Instagram, and 1,475 on Twitter. Both have regular posts and respond to their customers.
They are considered a hybrid p2p lender. Looks like that's what KFUND is as well. Goes to show, once again, how quickly things can happen with a good product that's ran correctly. Julo got funding within 6-7 months of starting. Now that p2p lending, and its returns are understood, maybe KFUND won't even have to wait that long.
Cant wait to see the app, and the website. I hope they post numbers on loans disbursed, number of loans, and all the other details on the site like some of the other companies do. Help us get an idea month to month how they're doing.
Go KFUND. Have a big 2020.
