Indonesian Sharia-Compliant SME Lending Platform Alami Group announced the raising of pre-Series B funding that would further strengthen its fintech.
Financial details of the funding were not disclosed, but Alami said the round was led by East Ventures (growth fund) and backed by returning investors AC Ventures, Quona Capital and FEBE Ventures.
The pre-Series B funding round also saw participation from US venture capital firm Capria Ventures, marking the company’s first direct investment in the Asia-Pacific region.
Founded in 2018 by Dima Djani, Harza Sandityo and Bembi Juniar, Alama is a sharia-based peer-to-peer lending company. It shelled out more than $200 million with 0% non-performing funding last month.
The platform currently has over 111,000 peer-to-peer investors involved in nearly 10,000 projects across the country focused on the exponential growth of Indonesian SMEs. Alami’s ecosystem covers 482 cities in 34 provinces of Indonesia, both on the donor and recipient side, with ongoing business and social activities.
With this investment, Alami plans to continue building world-class Sharia-compliant financial technology. It has also invested in Hijra Bank, hoping to serve more than 59 million SMEs and hundreds of millions of Muslims with more engaged digital apps to meet their banking needs.
“This pre-series B round is strong validation that investors recognize the positive impact ALAMI is creating in the Indonesian market. our Hijra Bank Sharia can unlock for Indonesia’s 230 million Muslims and SMEs,” Djani said.
As Indonesian SMEs recover from the pandemic, the gap in demand versus supply of finance needed by SMEs still stands at $108 billion to solve this challenge, peer-to-peer lending has become a revolutionary financial loan solution that is fast, convenient and reliable.
“We are happy to double our investment in ALAMI and continue to be part of Alami’s journey to revolutionize the Shariah financial sector in Indonesia. With over 230 million Muslims in Indonesia, Sharia finance is one of the fastest growing sectors in banking,” said Roderick Purwana, Managing Partner at East Ventures.
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