ALAMI raises US$20M+ in equity, debt funding

Indonesia: Indonesian sharia-based peer-to-peer (P2P) lending platform ALAMI announced that it has raised more than US$20 million in equity and debt funding round.

The startup’s Series A equity funding round was co-led by AC Ventures and Golden Gate Ventures. Other investors participating in the funding round included global fintech fund Quona Capital.

The US$20 million debt funding was raised from an undisclosed international impact fund with a focus on the healthcare sector in emerging markets.

This funding round came a year after its US$1.5 million seed funding round led by Golden Gate Ventures, which the company claimed to be the first sharia-based VC funding in Southeast Asia.

It also followed the confirmation of ALAMI’s permanent P2P lending license from Indonesia’s financial services authority (OJK).

In a press statement, ALAMI Founder & CEO Dima Djani said that the funding will be mainly used to strengthen its P2P platform.

“We start the year with a strong spirit, where we aim to grow four times to more than IDR1 trillion (US$70 million) in financing disbursements to the sectors that would create the biggest impact such as healthcare, farming, logistics, and food, among others. We are also committed to maintaining our excellent risk management, with current NPL of zero percent (TKB90: 100 percent),” he said.

The startup also stated that it has grown three times year-on-year.