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Indonesian Shariah fintech Alami raises funds from beauty company unit

Startup looking to improve access to Shariah-compliant financial services

Founded in 2019, Alami has over 111,000 peer-to-peer investors involved in almost 10,000 projects across Indonesia. (Source image from Alami website)

JAKARTA -- Indonesia's Alami Group, a startup that offers Shariah-compliant peer-to-peer lending for small and medium-size enterprises, has raised an undisclosed amount from Paragon Beneva Investama (Beneva), an arm of beauty company ParagonCorp.

Alami is the first tech company to receive funding from Beneva, which was launched earlier this year. ParagonCorp owns halal cosmetics brands such as Wardah, Emina, Makeover and Kahf.

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