Sharia-compliant FinTech platform Alami said to raise over $20m in funding

Sharia FinTech platform Alami Technologies has allegedly raised more than $20m in a mixture of debt and equity.

The round was led by AC Ventures and Golden Gate Ventures, with participation also coming from Quona Capital, according to a report from Tech in Asia.

Alami is hoping to grow by four-times to disburse more than $1trn to sectors including healthcare, farming, logistics, food and others. Micro, small and medium-sized businesses can access loans in a sharia compliant manner.

The fundraise comes a year after the FinTech collected $1.5m in its seed round.

Earlier in the year, fellow Indonesian FinTech company Bibit reportedly bagged $30m in a funding round. The capital was supplied by Sequoia Capital India, East Ventures, EV Growth, AC Ventures and 500 Startups to help the robo-advisor deepen its product offering.

Last year, East Ventures, EV Growth, AC Ventures and 500 Startups Wahed Invest collected $25m in a round led by Saudi Aramco Entrepreneurship Ventures.

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