Indonesian sharia P2P lender bags $17.5m from EV Growth, Quona Capital

Alami, an Indonesia-based sharia fintech platform, has raised US$17.5 million in a round led by EV Growth and Quona Capital, according to people familiar with the matter. AC Ventures and Golden Gate Ventures also participated in the round.

According to a source, some strategic angel investors from the Middle East, which were previously involved in SoftBank’s Vision Fund, also joined the funding round. The move was said to be paving the way for Alami’s expansion into that region.

(From left) Alami co-founders Harza Sandityo, Dima Djani, and Bembi Juniar / Photo credit: Alami

In January this year, Alami announced that it raised more than US$20 million in equity and debt funding led by AC Ventures and Golden Gate Ventures, with participation from Quona Capital. The source said that only US$3 million of that amount was counted as equity investment.

The company has also started its expansion into digital banking by acquiring a sharia-based rural bank BPRS Cempaka Al Amin in March this year, rebranding it to Bank Hijra. The move may help the peer-to-peer (P2P) lender’s users to enjoy various banking services. Bank Hijra’s customers, meanwhile, can also access loan products from Alami.

In June, the bank also partnered with Bank Syariah Indonesia to expand its product offering.