ALAMI Closes Advanced Stage Funding, Strengthens Leadership Team
This growth-stage round was led by Intudo Ventures with support from East Ventures, AC Ventures, Quona Capital, Golden Gate Ventures, and several others
Startups fintech ALAMI Group sharia announces completion of investment round growth-stage led by Intudo Ventures. Also involved in this round were East Ventures (Growth Fund), AC Ventures, Quona Capital, Golden Gate Ventures, and several others. Fresh funds will be optimized to expand ALAMI's product coverage and business operations which currently operate services p2p loans and digital banks.
This round was successfully recorded amidst difficult market conditions, proving that the business model promoted by the company is quite solid. In Q1 2023, passing for The company managed to distribute $367 million in funding to 11,4 thousand MSMEs. In 2021, the company acquired a sharia bank in Jakarta changing it to Hijra Bank, a fully digital entity and obtained the Payment Service Provider Classification ("PJK Category 1") from Bank Indonesia.
Co-Founder & CEO of ALAMI Group Dima Djani said, "Since we launched the Hijra Bank application in December 2022, transaction volume growth has reached 3x and the user base has doubled. In 2, this bank will achieve a 2022% increase in profits year-on-year, with an increase in third party funds of 220% and asset growth of almost 200%. "In addition, financing distribution grew by 200% compared to 2021."
He continued, "With this investment, we will continue to accelerate the growth and expansion of Hijra Bank's user base, as well as the adoption of new products such as Hijra Home Financing and other upcoming products, designed to meet our customers' everyday banking needs."
Along with this funding, EXPERIENCE also announced the appointment of Ade Fauzan as Group COO. Ade is a person banker experienced, having spent more than 20 years in the Indonesian Islamic banking industry, with his last position as Board Member and Head of Business Development of BTPN Syariah, as well as CEO BTPN Syariah Venture.
Apart from that, Dr. Dian Triansyah Djani was also appointed as an advisor. He is an experienced diplomat, who has represented Indonesia as a Permanent Ambassador to the UN, and served as a G20 Co-Sherpa. Its global network will be beneficial as ALAMI explores international expansion. Additionally, Dan Bertoli and Vincent Yunnaraga join the team as board members and chief financial officers.
"As the country with the largest Muslim population in the world, Indonesian consumers want financial solutions tailored to their unique needs and religious sensitivities. Through a range of innovative sharia banking and financial products and services, ALAMI offers a reliable and safe way for Muslims to protect and develop their financial assets. We are very happy to support ALAMI in their efforts," welcomed Founding Partner of Intudo Ventures Patrick Yip.
Had time to be efficient
In order to increase profitability, in early September 2023, ALAMI will also be available just laid off. Management argued that this step was taken to ensure the company's long-term sustainability. It is not stated how many employees are affected and whether this applies to any division.
In an official statement submitted by the management, this is the first time making this most challenging decision. During the pandemic in the last three years, the company has made sure to retain its employees at a time when many companies have cut the number of employees.
So far ALAMI has raised several rounds of funding, including:
|Golden Gate Ventures, RHL Ventures, Agaeti Ventures, and Zelda Crown
|Advanced (Equity and Debt)
|AC Ventures, Golden Gate Ventures, and Quona Capital
|East Ventures, Quona Capital, FEBE Ventures, Capria Ventures
|Paragon Beneva Investama
|Series B (now)
|Intudo Ventures, East Ventures, AC Ventures, Quona Capital, Golden Gate Ventures