ALAMI has distributed over IDR200 billion (US$13.89 million) in the month of February, a monthly record high, the Islamic peer-to-peer (P2P) finance platform said in an official public post. The firm disbursed an average IDR55.17 billion (US$3.84 million) monthly in 2021. As at the 9th March, its outstanding financing stood at IDR229 billion (US$15.92 million).
One of the most prominent Islamic P2P financiers in Indonesia, ALAMI has experienced phenomenal growth – both organically and inorganically since it was founded in 2017. Last year, it closed a US$17.5 million series A round, which brought its total funding raised to US$37.5 million. It was also in 2021 when it became the first and only Islamic P2P platform to have acquired a Shariah rural bank, Cempaka Al-Amin. This was part of its plan to expand its services beyond P2P financing and foray into the digital banking space as it intends to leverage on Cempaka Al-Amin’s license to launch an Islamic neobank. The upcoming outfit is known as Bank Hijra.
Last month, ALAMI was accepted into Endeavour Indonesia’s ScaleUp Growth program, a three-month accelerator program designed for growth stage start-ups seeking funding beyond series A.