eFishery, an aquaculture-focused startup, has partnered up with P2P lending platform Alami Sharia to launch a sharia-compliant pay-later program to help fishermen acquire loans for fish and shrimp feed, as well as to expand their business.
As reported by Daily Social, the feature is part of eFishery’s funding program—eFisheryFund—that was rolled out earlier this year. Prior to teaming up with Alami, the company has collaborated with other Indonesia-based banks and fintech startups, such as iGrow, BRI Syariah, Amartha, and Batumbu.
“We created a pay-later program called Kabayan, where fishermen who use eFishery can buy feed,” said eFishery CEO Gibran Huzaifah.
eFisheryFund operates in ten Indonesian regencies, and the company plans to raise that number to 100. Most of their clients are in areas outside of the country’s capital, Jakarta.
Other then eFisheryFund, the aquaculture intelligence company also runs eFisheryFresh, which focuses on simplifying distribution chains and assisting fishermen who have a hard time selling their catch due to the lack of efficient sales channels.
Launched in 2013, Bandung-based eFishery initially gained popularity by providing a device that enables automated feeding at fish farms, giving commercial fish farmers the ability to monitor their stock and schedule feeding via a smartphone app. In 2018, the company received USD 4 million in Series A funding from Wavemaker Partners, 500 Startups, and other investors.