Shariah 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