Indonesia-based fintech firm ALAMI Group has on Thursday announced the completion of a growth investment round led by Indonesia-only venture capital firm Intudo Ventures.

ALAMI said in a statement that the round is also participated by existing investors such as East Ventures (Growth fund), AC Ventures, Quona Capital, and Golden Gate Ventures.

ALAMI opined that the round, which closed amidst a tough market environment, serves as a testament to the firm’s resilient business model and unique market positioning.

It said this round is geared towards scaling the firm’s product and operations, expediting expansion, and fortifying our team in alignment with the company’s strategic growth plan.

“With this investment, we will continue to accelerate growth and broaden Hijra Bank’s user base, as well as product adoption by introducing new products such as Hijra Home Financing and other upcoming products designed to meet our customers’ everyday banking needs,” said ALAMI Group Chief Executive Officer Dima Djani.

ALAMI is an Islamic financial technology ecosystem consisting of sharia-compliant peer-to-peer lending (ALAMI P2PL) and digital Islamic bank (Hijra Bank).

Starting as a Sharia-based fintech P2P licensed by the Financial Services Authority (OJK), the firm has evolved significantly into a full suite of financial products and services.

Founded by Dima Djani, Harza Sandityo, and Bembi Juniar, ALAMI initially focused on micro, small and medium enterprises (MSMEs), disbursing over $367 million in 11,400 projects.

In 2021, ALAMI acquired the only Islamic State Bank in Jakarta, transforming it into Hijra Bank, a fully digital entity, and obtained the Classification of Payment Service Provider (PJK Category 1) from Central Bank, as well as mobile banking from OJK.

“Since we launched the Hijra Bank App in December 2022, its transaction volume has tripled, and its user base has doubled,” Djani added.

According to him, in 2022, the bank achieved a remarkable 200 percent year-on-year increase in profit, with a 220 percent rise in third-party funds and nearly 200 percent growth in assets.

Additionally, he said the firm’s financing distribution expanded by 200 percent compared to 2021.

Alongside the round, ALAMI also announced a number of high-level additions to the team.

The first is Ade Fauzan taking the helm as Chief Operating Oficer for the group.

Fauzan is a seasoned banker, having spent over 20 years within Indonesia’s Islamic banking industry, with his last position as a Board Member and Head of Business Development of BTPN Syariah, as well as Chief Executive Officer of BTPN Syariah Ventura, the corporate venture capital of BTPN Syariah.

The second addition is Dr. Dian Triansyah Djani as advisor. Dr. Djani is an experienced diplomat, having represented Indonesia as Permanent Ambassador to the United Nations, as well as served as G20 Co-Sherpa.

His global network will be beneficial as ALAMI explores international expansion.

Additionally, Dan Bertoli and Vincent Yunnaraga are joining the team as board members and head of finance, respectively.

Bertoli and Yunnaraga together led and managed all deals of Quona’s most recent fund for Southeast Asia.

“Bertoli and Yunnaraga are professionals of the highest integrity
who always adhere to regulations and best practices in Indonesia and Singapore,

“They bring impressive, authentic professional backgrounds, and will raise the standards of ALAMI as a global-class financial organization,” added Djani.

Intudo Ventures Founding Partner Patrick Yip said that as the world’s largest Muslim-majority nation, Indonesia’s muslim consumers aspire for financial solutions catered to their unique religious needs and sensitivities.

“Through its innovative suite of Sharia-compliant banking and financial products and services, ALAMI offers a reliable and secure way for Muslims to safeguard and grow their financial assets,

“We’re excited to support ALAMI in their endeavors,” he added.

Intudo manages $300 million+ in assets across three funds and acts as the “Indonesia-beachhead” strategy for many of the top financial institutions, funds, and family offices in the world, coupled with a hyperlocal network of 30+ diversified conglomerates/families in Indonesia.

The firm invests in Indonesian homegrown companies led by Pulkam S.E.A. Turtle and local founders in the agriculture, business to business (B2B) and enterprise, education, finance and insurance, health and wellness, logistics, and new retail and entertainment sectors.

Intudo portfolio companies include Xendit, Pintu, Pinhome, Halodoc, Kargo, iSeller, PasarPolis, Nalagenetics, and more.

Indonesia’s ALAMI closes pre-series B round led by East Ventures