ALAMI is an OJK registered and sharia-compliant financing marketplace in Indonesia.
- tryb led the funding round to support ALAMI’s product and go-to market strategy
- The decision to invest in ALAMI was driven by the fintech’s approach to the large, growing and untapped Islamic finance market in Indonesia.
Singapore/Jakarta, 7 May 2019 – PT ALAMI Teknologi Sharia group (“ALAMI”), Indonesia’s first sharia fintech aggregator and a registered peer-to-peer (P2P) platform, has secured funding in a pre-seed round led by tryb Group. ALAMI currently operates as a marketplace for Islamic financing, working with multiple partners, including sharia banks to facilitate SME invoice financing. The company’s P2P platform recently obtained a P2P registration from the country’s Financial Services Authority (OJK) and is set to soon expand its business into the sharia-compliant P2P financing space.
Herston Powers, Principal at tryb commented, “The sharia fintech market is a huge and untapped market in Indonesia with significant growth prospects. Fintech adoption and rising demand from across customer segments will increase the sharia finance share of total assets in Indonesia.” Indonesia has the largest Muslim population in the world and nearly 90% of its 260 million population are Muslim. However, Indonesia’s sharia finance sector has historically lagged other markets with large Muslim populations.
Powers stated, “The time is ripe for sharia finance to grow rapidly in Indonesia driven by significant unmet demand from the population. Strong and vocal government support for sharia finance and fintech has had a positive impact on this sector.” He continued, “As long as Sharia financial products are seen as credible and competitive there is no reason why Indonesia’s sharia banking assets should not match or exceed those in Malaysia, which stand at over 25% of total banking assets, in the coming years.”
Dima Djani, Founder and CEO of ALAMI, said, “We are pleased to announce our partnership with tryb and their investment into ALAMI. tryb’s Southeast Asian fintech expertise provides strong validation of our business model and key support for our growth plans.” The Indonesian SME segment is approximately 97% of the total workforce, however the SME sector has consistently experienced limited access to capital. Djani continued, “At ALAMI, we aim to provide access to capital governed by sharia principles along with the necessary education to increase financial literacy for all market participants. With rising technology adoption of SMEs and individuals, ALAMI is focused on providing customer-focused and responsible products to ensure ALAMI will become the go-to platform for all your Islamic financial needs soon.”
tryb continues to focus on backing strong founders and teams that are addressing the large and growing fintech market in Southeast Asia. Describing ALAMI’s edge in Indonesia’s sharia finance and fintech space, Powers concluded, “Building a brand tied together by values is extremely powerful, doubly so for a brand that asks its customers to trust it with their financial well-being.”
ALAMI is a sharia-compliance financing marketplace that focus on SME financing in Indonesia. ALAMI’s digital marketplace enables SMEs to easily access financing from diverse funding sources, including Islamic Financial Institutions and retail, globally.
For more information, visit https://p2p.alamisharia.co.id.
About tryb Group
tryb is an investor in Southeast Asia fintech. Based in Singapore, tryb is positioned to leverage Southeast Asia as the next frontier for fintech opportunities and backs entrepreneurs transforming financial services in the region.
For more information, visit https://trybgroup.com.
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