Bank Jago's profitability dance with GoTo and P2P lending partners

Bank Jago’s loan channeling partnerships with P2P platforms has contributed in helping the company stay on track while it gets integrated in the massive GoTo ecosystem. It's even set to turn profitable by the end of the year. But Jago wants to lend directly now, and it probably can

Last month, Bank Jago announced that it booked its first quarterly profit; it seems to be on track to turn profitable

The bank attributed the milestone to the growth of its loan disbursement—which grew 502% year-on-year

Bank Jago doesn’t run its own loan facility; it disbursed loans through its P2P lending platform partners

But it is planning to start direct lending next year—the P2P players have reasons to worry, but so far they’re not

Profitability is the main dipstick test for new businesses. And Bank Jago, an Indonesian digital bank launched just seven months ago, claims it’ll be profitable by year end year end DealStreetAsia It's a blessing to be in the GoTo ecosystem, says Bank Jago's Siregar Read more .

Investors seem to have gotten wind of this. Last month, US-based Ribbit Capital bought a minority stake in the company. Fintech investor Ribbit has backed global digital banks—Russia’s Rinkoff, UK’s Revolut and Brazil’s Nubank—and investment app Ajaib investment app Ajaib The Ken Ajaib, Pluang, or Bareksa—Who is Indonesia’s Robinhood?

AUTHOR

Yunindita Prasidya

Based in Indonesia, Dita is passionate about tracking the country’s growing digital economy. Her coverage is sector-agnostic—she has written about e-commerce, edtech, fintech, venture capital, and publicly-listed companies, as well as stories on careers and workplaces. She was previously a business journalist covering banking and the stock market at The Jakarta Post, Indonesia’s leading English daily.

View Full Profile