Julla is a PoS financing startup that has just been launched in Kenya to enable users to pay for items on a later date.
Julla App, which went live on August 1, allowing customers to purchase items digitally in approximately three minutes, providing a more inclusive alternative, especially for customers without a credit history.
The CEO Yele Oyekola says: “We use our own formula for calculating risk and approving loans, which involves data science, artificial intelligence (AI), and machine learning technologies. This enables us to assess a customer’s creditworthiness instantly. A key element of Julla is speed and convenience for the customer.” Also “We noticed that PoS financing, which should be as simple and seamless as possible, was inaccessible, inefficient and expensive, We believe that the customer comes first, simple is better, and transparency is key.”
Julla’s target audience is primarily two sets of people – consumers who want a specific item instantly but with more control and flexibility in paying for it over time, and online and in-store merchants who want to increase sales and customer traction.
Julla was formed in January with the thesis that it could completely automate the PoS financing process and build a company that puts the customer first. It is funded by angel investors and currently raising a pre-seed round. Julla proposes to partner with local banks interested in financing its loan portfolio later this year.
The startup has a dual revenue model, charging merchants a transaction fee and customers a monthly interest rate.
“We are launching in Kenya, but this is an African problem and solution. We have plans to expand rapidly across the continent once we have a solid footing in Kenya” says Yele.
How it works for consumers
- A customer sees the option to spread the cost & pay later.
- A customer chooses to pay with Julla.
- Merchant is paid instantly by Julla.
This is shopping made easy, no paperwork needed, Instant Checkout, and no hidden fees.
Source: Fintech Africa