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Founding Team of ALAMI
East Ventures

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11 October, 2022

Press Release

New investment fuels up ALAMI Group in pre-series B round led by East Ventures (Growth fund)

ALAMI Group, a leading Indonesian Shariah-compliant SME lending platform, announced that it has successfully closed pre-series B round led by East Ventures (Growth fund) alongside returning investors, namely AC Ventures, Quona Capital, and FEBE Ventures. US-based venture capital firm Capria Ventures also joined the round, marking its first direct investment in the Asia Pacific. The amount of the funding was not disclosed.

The announced investment further strengthens ALAMI Group’s effort to provide Muslim Indonesian consumers and SMEs with better access to financial products that adhere to Sharia principle among the Indonesian SMEs, which most of them are still struggling to find a product fit both themselves or their business that is modern and competitive but comprehensively following the Islamic principles.

ALAMI Group’s Founder and CEO, Dima Djani, said, “This pre-series B Round is a strong validation that investors acknowledge the positive impact ALAMI is creating in Indonesia’s market. We see the tremendous long-term potential that access to banking and Sharia-compliant financing from our Hijra Bank can unlock for Indonesia’s 230 million Muslim and SMEs. We will commit more energy and resources going forward, as we see a huge and under-penetrated market unfolding before us.”

As Indonesian SMEs recover from the pandemic, the demand vs supply deficit for finance needed by SMEs still stands at US$ 108 billion to resolve this challenge, peer-to-peer lending (“P2PL”) has emerged as a revolutionary financial lending solution which is quick, convenient, and reliable. Since its inception in 2019, ALAMI has disbursed more than US$ 200 million with Non-Performing Finance (“NPF”) of 0% as per last month. ALAMI currently has more than 111,000 peer-to-peer investors involved in almost 10,000 projects across the nation focused on the exponential growth of Indonesian SMEs. The company also acquired BPRS Cempaka Al-Amin (now Hijra Bank), the only Sharia rural bank in Jakarta, in 2021. Early this year, Hijra Bank obtained a Digital Mobile Banking License from the Indonesia Financial Authority (“OJK”).

Amidst the uncertain macroeconomic environment, the existing and new investors in this round show an incredible level of trust to the company providing solutions to the underserved 230 million Muslims, and their small businesses, in Indonesia.

“We are glad to double down our investment in ALAMI and continue to be part of ALAMI’s journey in revolutionizing the Sharia finance industry in Indonesia. With more than 230 million Muslims in Indonesia, Sharia finance is one of the fastest-growing sectors within the banking industry. We truly believe that the strong expertise and integrity of Dima and Team, as proven through the company’s positive growth and KPIs surpassed, will continue to empower the banking industry in Indonesia, especially moving the financial inclusion towards sustainability,” said Roderick Purwana, Managing Partner at East Ventures.

With this investment, ALAMI plans to continue creating world-class Sharia-compliant financial technology. It also has invested in Hijra Bank, with the hope to serve more than 59 million SMEs and hundred millions of Muslims with more committed digital apps to fulfill their banking needs.