Fintech Experiences Equity and Debt Funding Worth 283 Billion Rupiah

Startups  Syariah Alami announced funding of $20 million (over 283 billion Rupiah) in equity and debt led by AC Ventures and Golden Gate Ventures. Quona Capital participated in this round.

Both AC Ventures and Golden Gate Ventures, were the previous investors who led early stage funding in ALAMI worth $1,5 million at the end of 2019. The entry of Quona Capital automatically places ALAMI into its portfolio in Indonesia after investing in KoinWorks, BookStore, Ula, and Julo.

“We believe that existing players in the Islamic finance industry are only just taking advantage of a small part of its potential. Social finance, for example, can be explored further,” said Alami Founder & CEO Dima Djani, quoting from the AC Ventures website.

Dima targets that this year Alami can increase the nominal loan disbursement up to four times or worth more than IDR 1 trillion for the health, agriculture, logistics and food sectors. In addition, it plans to examine opportunities for synergies with Islamic banking financial institutions such as Sharia Commercial Banks (BUS), Sharia Business Units (UUS), and Sharia People's Financing Banks (BPRS).

One of these plans has been successfully realized. At the same time, through the official statement announced on the same day, Alami formalized the cooperation channeling financing with BRI Syariah with a distribution target of Rp40 billion this year.

“Through cooperation channeling Hopefully, this financing can accelerate the recovery process for small and medium businesses affected by the pandemic, and revive the Indonesian economy," said Dima.

Head of the Retail Banking Division of BRI Syariah, Elvera Melladiana, stated that one of the factors that made the company strong in establishing a partnership with Alami was because it had track record positive, both in terms of funders, as well as the potential of the projects in it.

“BRI Syariah has served MSME customers from various levels of capital, and we realize that in order to achieve the target of exponential financing distribution, collaboration with companies is needed. fintech have to start doing. This is in order to realize easy, fast, and safe access to sharia financing," said Elvera.

As of December 2020, Alami claims to have distributed around Rp300 billion to thousands of MSMEs throughout Indonesia from around 20 lenders registered on the Alami platform.

Happen lending sharia

Alami are several lending startups that play in sharia segment. In addition, there are Ammana, Bsalam, Duha Syariah, Syariah Fund, Finteck Syariah, Qazwa, Ethis, and Investree (sharia business unit). However, its prestige is still far behind compared to conventional services.

Referring to accumulated OJK data grew 113,05% yoy to Rp128,7 trillion in September 2020. Contribute fintech The new sharia is worth IDR 1,2 trillion of the total.

The chairman of the AFPI Sharia Funding Fintech Cluster Lutfi Adhiansyah stated that there are several factors that make conventional lending run faster than sharia. One of them is in terms of quantity, more conventional players and the nature of different products and business models.

"Fintech lending Many of the sharia targets the productive sector. So the process is more selective and takes longer for verification. It is different from multipurpose fintech lending, where online loans are relatively faster and the nominal is small," said Lutfi, quoting from Kontan.co.id.