Indonesian peer-to-peer (P2P) lending fintech Alami has acquired Shariah-compliant bank BPRS Cempaka Al-Amin in a $10 million deal.
According to DealStreetAsia sources, Alami is furnishing the bank with enough capital to comply with new limits set by the Indonesian Financial Services Authority.
Founded in 2017, Alami partners with shariah banks to offer invoice financing for small and medium-sized enterprises.
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 says it has already distributed more than $22,000.
The fintech closed a $20 million debt financing round at the start of the year.