Heaptalk, Jakarta — Indonesia’s sharia-based peer-to-peer lending startup, ALAMI Group, has seized new investment in the growth-stage round led by Intudo Ventures.
Multiple leading venture capital firms, spanning East Ventures (Growth Fund), AC Ventures, Quona Capital, and Golden Gate Ventures, also backed the round. The new injection will enable the startup to elevate ALAMI’s product and operations quality, accelerate business expansion, and augment the team.
“With this investment, the company will accelerate growth and expand the Hijra Bank application user base and product adoption by introducing new products such as Home financing, known as a Hijra Home service,” added ALAMI’s Founder and Commissioner, Dima Djani.
Established by talented founders, namely Dima Djani, Harza Sandityo, and Bembi Juniar, ALAMI has disbursed more than US$367 million for about 11,400 projects devoted to Indonesian MSMEs. In 2021, this Sharia-based platform also acquired a Sharia bank in Jakarta and rebranded into Hijra Bank as a digital entity that obtained the Payment Services Classification (PJK first category) from Bank Indonesia.
Since the launch of the Hijra Bank application in December 2022, the company noted its transaction volume growth up to threefold, with a twofold increase in user base. On the other hand, in 2022, the fintech company attained outstanding revenue growth by 200% YoY, with third-party funds of 220% and asset value enhancement of almost 200%. The startup also disclosed the development of financing disbursement of 200% last year.
As a homeland with the most significant Muslim population worldwide, the Founder of Intudo Ventures realized that customers expect suitable financial services with the principles of their beliefs. Through various Sharia-based services, he considers this startup’s business model trustworthy in developing the financial assets of Muslim society.
Along with this funding completion, the startup has also appointed several people to fill the senior positions in the company, including Ade Fauzan, who will serve as ALAMI’s Chief Operating Officer (COO), Diah Triansyah as the new advisor of the company, as well and Daniel Bertoli as the Director and Vincent Yunnuraga who also lead the Finance division.
“Daniel and Vincent are professionals who comply with regulations with all the excellent practices in Indonesia and Singapore. They carried out robust professional cultural backgrounds. I ensure they would bolster the company to advance the standards to be a world-class financial organization.” concluded Dima.
