Fintech startup ALAMI Group has completed an investment round led by Intudo Ventures, with East Ventures, AC Ventures, Quona Capital, and Golden Gate Ventures also participating.
The round was successful despite challenging market conditions, resulting in $367 million in funding for 11.4 thousand MSMEs. ALAMI acquired Hijra Bank in Jakarta in 2021, a fully digital entity, and obtained the Payment Service Provider Classification from Bank Indonesia. Since launching the Hijra Bank application in December 2022, transaction volume growth has reached 3x and the user base has doubled.
The bank is expected to achieve a 2022% increase in profits year-on-year, with an increase in third party funds of 220% and asset growth of almost 200%. ALAMI will continue to accelerate growth and expansion of Hijra Bank’s user base and adopt new products.
“As the country with the largest Muslim population in the world, Indonesian consumers want financial solutions tailored to their unique needs and religious sensitivities. Through a range of innovative sharia banking and financial products and services, ALAMI offers a reliable and safe way for Muslims to protect and develop their financial assets. We are very happy to support ALAMI in their efforts,” welcomed Founding Partner of Intudo Ventures Patrick Yip.
