Sharia fintech startup ALAMI received $3.78 million this week from investors, including East Ventures (Growth Fund), AC Ventures, Quona Capital, Capria Ventures and FEBE Ventures. The latest capital injection is part of its pre-Series B financing and brings the round total to $7.56 million.
The company had announced the East Ventures (Growth Fund)-led pre-Series B in October without disclosing the quantum of the money raised.
Earlier this month, ALAMI announced it had raised an undisclosed amount from Paragon Beneva Investama (Beneva), an arm of beauty company ParagonCorp that owns halal cosmetics brands such as Wardah, Emina and Makeover.
In other news, Indonesian open finance startup Ayoconnect received $2 million from Mastercard this week. The share price for the latest transaction indicates the funding is part of the company’s Series B-1 round.
Ayoconnect had in October announced a $13 million Series B extension led by SIG Venture Capital and backed by PayU and CE Innovation Capital. The funding from Mastercard is understood to be on top of the previously announced haul.
Mastercard is a new investor in Ayoconnect. Its other portfolio companies include Pine Labs (India), AiDA Technologies (Singapore) and Digiasia Bios (Indonesia). It had also invested in 2C2P, which was acquired by Ant Group this year.
Other updates from DATA VANTAGE
Philippine startup Advance, which operates an on-demand salary platform, allotted shares worth $3.6 million this week to investors, including Integra Partners, Wavemaker Partners and Accion.
Of these, shares worth $2.1 million were issued to convertible noteholders, including Next Billion Ventures, Integra Partners, Wavemaker and Accion. The rest were allocated to investors participating in its latest funding round, in which it is raising $3.87 million. Earlier in 2020, the company raised an undisclosed seed funding round led by Next Billion Ventures.
Myanmar-based DAWN Microfinance posted revenue of $6.5 million for the financial year ended March 31, 2022, while its net losses remained constant. The company last received funding in December 2019.
E-commerce enabler SCI Ecommerce reported a 148% year-on-year growth in revenue for the financial year ended December 31, 2021. However, rising costs saw it back in the red.