Alami secures pre-seed funding in round led by tryb Group
By Digital News Asia May 7, 2019
- Currently operates as a marketplace for Islamic financing
- Soon expand into the Syariah-compliant P2P financing space
PT ALAMI Teknologi Sharia group (Alami), Indonesia’s first Syariah 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 Syariah 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 Syariah-compliant P2P financing space.
tryb principal Herston Powers, commented, “The Syariah 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 Syariah 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 Syariah finance sector has historically lagged other markets with large Muslim populations.
Powers stated, “The time is ripe for Syariah finance to grow rapidly in Indonesia driven by significant unmet demand from the population. Strong and vocal government support for Syariah finance and fintech has had a positive impact on this sector.”
He continued, “As long as Syariah financial products are seen as credible and competitive there is no reason why Indonesia’s Syariah banking assets should not match or exceed those in Malaysia, which stand at over 25% of total banking assets, in the coming years.”
Alami founder and chief executive officer Dima Djani, 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 Syariah principles along with the necessary education to increase financial literacy for all market participants. With rising technology adoption by 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 Syariah 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.”