Indonesia-based PT ALAMI Teknologi Sharia group (“ALAMI”), a sharia-compliant fintech aggregator and a registered peer-to-peer (P2P) financing platform, announced that it has received a pre-seed round of funding led by tryb Group.

ALAMI said that the funding will be used to support ALAMI’s product and go-to-market strategy.

“The sharia fintech market is an untapped market in Indonesia with significant growth prospects. Fintech adoption and rising demand from across customer segments will increase the sharia finance share of total assets in Indonesia,” said Herston Powers, Principal at tryb, regarding the decision to invest in ALAMI.

ALAMI currently operates as a marketplace for Islamic financing, working with multiple partners, including sharia banks to facilitate SME invoice financing. The company’s P2P platform recently obtained its registration from the country’s Financial Services Authority (OJK).

Nearly 90 per cent of Indonesia’s 260 million people are Muslim.

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Powers stated that there is strong and vocal government support for sharia finance and fintech that has had a positive impact on this sector.

“At ALAMI, we aim to provide access to capital governed by sharia principles along with the necessary education to increase financial literacy for all market participants. With rising technology adoption of SMEs and individuals, ALAMI is focused on providing customer-focused and responsible products to ensure ALAMI will become the go-to platform for all your Islamic financial needs soon,” said Dima Djani, Founder and CEO of ALAMI.

Singapore-based tryb describes itself as an investor in Southeast Asia fintech. It said that it continues to focus on backing founders and teams that are addressing the large and growing fintech market in Southeast Asia.

ImageCredit: tryb Group