East leads $10m round for Indonesia fintech player Alami
East Ventures has led a USD 10m pre-Series B round for Indonesia’s Alami, a sharia-compliant financial technology provider and small business lender.
The deal size was confirmed by a source close to the situation. AC Ventures and Quona Capital re-upped, while FEBE Ventures participated as a new investor. It also marks the first investment in Southeast Asia and first direct investment in Asia Pacific for US-based emerging markets investor Capria Ventures.
Alami is considered one of the largest sharia financing platforms for micro, small to medium-sized enterprises globally. It has disbursed more than USD 200m in loans and supported more than 111,000 peer-to-peer investors across 482 Indonesian cities since its inception in 2018.
The company claims a non-performing financing rate of 0% and success rate of repayment of 100%. In 2021, it acquired BPRS Cempaka Al-Amin, the only Islamic rural bank based in Jakarta, and transformed it into a digital bank called Hijira Bank.
Alami has raised USD 33m in total to date, including a USD 17.5m Series A last year featuring East, AC, Quona, and Golden Gate Ventures. Its first institutional investor was Singapore’s Tryb, whose investment team has recently gone on to form 1982 Ventures.
Capria was founded in 2015 by David Richards and Will Poole, also co-founders of Indian impact investor Unitus Ventures. It is active in South and Southeast Asia in partnership with Unitus, as well as AC Ventures, Genesis Alternative Ventures, Arkam Ventures, and Ascend Vietnam Ventures.
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