Qishin Tariq · · 1 min readShariah fintech firm closes pre-series B round led by East Ventures
Alami, an Indonesia-based Shariah fintech firm, has closed a pre-series B round led by East Ventures’ Growth Fund.
From left: Alami co-founders Harza Sandityo, Dima Djani, and Bembi Juniar / Photo credit: Alami
The round, which saw Alami raise an undisclosed amount, was backed by returning investors AC Ventures, Quona Capital, and FEBE Ventures. The round also saw US-based Capria Ventures’ first direct investment in the Asia Pacific.
Alami founder and CEO Dima Djani said the company sees strong long-term potential in Shariah-compliant financing for Indonesia’s 230 million-strong Muslim population and Muslim-centered SMEs.
Established in 2019, Alami has disbursed more than US$200 million in funds to date. It maintains a non-performing financing rate of zero as of last month, the company said.
In March 2021, the company acquired Shariah-based rural bank BPRS Cempaka Al-Amin as part of its digital banking strategy, rebranding it as Bank Hijra.
The raise also follows Alami securing from Lendable a US$30 million debt facility, which it planned to disburse to SMEs across Indonesia.
Hijra Bank also obtained a digital mobile banking license from the Indonesian Financial Authority earlier this year.
See also: A new digital bank could instill VC faith in Indonesia’s Shariah fintech
Editing by Miguel Cordon and Arpit Nayak
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