It's ALAMI! They're the first sharia-compliant challenger bank in Indonesia. Now, they've just raised a Pre-Series B led by East Ventures' Growth fund. The numbers are hush-hush, but here's what we know!

Investor check. AC Ventures, Quona Capital, FEBE Ventures and Capria Ventures.

• They raised $20M in debt and equity for their Series A early last year.

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⏪ Rewind

After starting as a sharia-compliant peer-to-peer lending platform for SMEs in 2019, they've disbursed over $200M in funds.

• They have a non-performing finance (NPF) rate of 0% (FYI, it's similar to default rate).
• They currently have over 111k peer-to-peer investors involved in almost 10,000 MSME projects in Indonesia.

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🏧 Banking on (sharia) banking

They acquired sharia rural bank BPRS Cempaka Al-Amin as part of their digital banking strategy — it's now called Hijra Bank.

• Hijra Bank got a digital mobile banking license early this year.

The plan? Offer sharia-compliant digital apps to over 59M SMEs and 230M+ Muslims to serve their banking needs best.

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💰 What's next?

With the cash, they'll keep building world-class sharia-compliant fintech products and services.