Indonesian fintech, Alami Technologies, has raised $20 million in equity and debt funding in a round led by AC Ventures and Golden Gate.
Alami offers Shariah compliant peer-to-peer financing for micro, small, and medium-sized businesses.
It claims users can set up accounts in less than three minutes, and funders can choose “high quality” beneficiaries.
Alami offers a return on investment rate of 16-18%, and guarantees compliance with the Indonesian National Shariah Board.
The firm aims to expand rapidly into healthcare, farming, logistics, and groceries. Alami believes it has already distributed IDR 310 million ($21, 963.93) since launch.
It has lofty ambitions of distributing more than IDR 1 trillion ($71 million), with an average return rate of 15%.
The debt financing round, which also included investor Quona Capital, arrives a year after the firm closed $1.5 million in seed cash.