A pre-series B financing backed by East Ventures’ Growth Fund has been concluded by Alami, an Indonesia-based sharia fintech company.
Returning investors AC Ventures, Quona Capital, and FEBE Ventures supported the round in which Alami raised an undisclosed sum. Capria Ventures, a US-based company, made its first direct investment in the Asia-Pacific region during this round.
The founder and CEO of Alami, Dima Djani, stated that the business sees significant long-term potential in Sharia-compliant finance for Indonesia’s 230 million Muslims and Muslim-focused SMEs.
Since its founding in 2019, Alami has distributed more than $200 million in money. The firm stated that as of last month, it still had a 0% non-performing financing rate.
In March 2021, the business bought the rural bank BPRS Cempaka Al-Amin, which was founded in sharia, and rebranded it as Bank Hijra as part of its digital banking plan.
Alami obtained a US $30 million loan facility from Lendable, which it intended to distribute to SMEs all around Indonesia. The fundraising comes after that transaction.
Additionally, early this year, the Indonesian Financial Authority granted Hijra Bank a license for digital mobile banking.