ALAMI, an Indonesia-based peer-to-peer lender, has reportedly finalized more than $10 million through its Series A funding round. According to DealStreetAsia, the investment round was led by AC Ventures.
Founded in 2017, ALAMI describes itself as a peer-to-peer finance platform that connects funders to SMEs.
“We believe that equal and direct access to financial information is important for SMEs to grow. Hence, we created a platform to connect SME and Islamic financial institutions in the simplest way possible. Indonesia, being the largest Muslim country in the world has a deep SME market (58% of GDP), where we believe many are keen to explore the currently untapped Islamic finance solution.”
The company further revealed that it is a team fo “young and dynamic” finance professionals who share similar passion to grow Islamic finance ecosystem. Funds from the investment round will be used to continue the growth and development of the ALAMI platform.