Singapore-based fintech investor tryb has become the first Southeast Asia-based venture capital (VC) firm to invest in the region’s sharia fintech industry by backing a pre-seed round for Indonesian startup Alami.
The deal, which was sealed earlier this year, marks only the second VC funding raised by a sharia fintech startup in Southeast Asia. Last year, Malaysia’s Ethis Ventures had bagged funding from Swiss VC firm Mountain Partners.