Indonesian peer-to-peer Sharia FinTech ALAMI has come a long way since it finished its seed funding round in 2019. The company has grown three times year-on-year, and now, they have just secured at least US$ 20 million in a Series A round combining equity and debt financing. ALAMI aims to look to use the fund to continue working on its platform to help MSMEs. This new round was led by Indonesia’s AC Ventures and Singapore-based Golden Gate Ventures. Another notable investor is US-based VC firm Quona Capital.

The Series A round is preceded by a Seed funding round led by Golden Gate Ventures that amounted to US$ 1.5 million, closed in late 2019. ALAMI’s seed funding round was shortly followed by an announcement that the Sharia FinTech had received permanent accreditation with Otoritas Jasa Keuangan, Indonesia’s financial services authority, through their P2P lending license. Since then, the company has also announced that it has grown three times year-on-year.

The company is looking to use this fresh capital to help businesses in Southeast Asian emerging markets, specifically in the healthcare sector, and continue to help MSMEs by providing Sharia-compliant peer-to-peer financing options. CEO and Founder Dima Djani also said that ALAMI would be using the fund to work on the current P2P platform.

Djani said, “We start the year with a strong spirit, where we aim to grow four times to more than S$70 million (IDR1 trillion) in financing disbursements to the sectors that would create biggest impact, such as healthcare, farming, logistics, and food, among others. We are also committed to maintaining our excellent risk management, with a current NPL of zero percent (TKB90: 100 percent).”