Indonesia’s ALAMI raises growth investment, strengthens senior management team
Published on October 9, 2023
Indonesia-based fintech firm ALAMI Group announced last week the completion of a growth investment financing round led by Intudo Ventures. Existing backers such as East Ventures (Growth fund), AC Ventures, Quona Capital, and Golden Gate Ventures also joined the round.
ALAMI said 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 toward scaling the firm’s product and operations, expediting expansion, and fortifying its 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 CEO Dima Djani.
ALAMI is an Islamic financial technology ecosystem consisting of a sharia-compliant peer-to-peer lending platform and a digital Islamic bank (Hijra Bank).
Starting out as a sharia-based fintech P2P startup licensed by the Financial Services Authority (OJK), the firm has evolved significantly into a full suite of financial products and services.
Co-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 the Central Bank, as well as the ‘mobile banking’ classification from OJK.
“Since we launched the Hijra Bank App in December 2022, its transaction volume has tripled, and its user base has doubled,” Dima said.
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% 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 Officer for the group.
Ade 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. Dan and Vincent together led and managed all deals of Quona’s most recent fund for Southeast Asia.
“Dan and Vincent 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 Dima.
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.
This story originally appeared on TNGlobal.