P2P Lender microLEAP Receives RM3.25 Million Funding From MAA Groupby Fintech News Malaysia January 13, 2021 0 comments
microLEAP, Malaysian platform that offers both Islamic and Conventional Peer-to-Peer (P2P) financing, announced a successful RM3.25 million funding round, made up of RM1.25 million in equity and a RM2 million advance. The RM3.25 million will be used for advertising and promotions, hiring of more staff and tech enhancements.
microLEAP is a registered market operator and was granted approval to operate a P2P financing platform by Securities Commission Malaysia in May 20199
Additionally MAA Group has also committed to invest RM10 million in MicroLEAP’s notes. The investments will be spread across microLEAP’s Islamic investment notes up to 30% per investment note
In 2021, microLEAP looks to further expand its Islamic P2P financing services to Small and Medium Enterprises (SMEs) as well, with new products such as Islamic car dealer financing and Islamic invoice financing set to be launched early in the year.
With SMEs in Malaysia amounting to 98.5% of businesses, it is crucial to tap into the market to provide alternative funding options for them to grow their businesses.
microLEAP also aims to launch its app for Apple IOS and Google Android devices in 2021 to further ease the application processes.
“microLEAP is glad and honoured to receive support from such a prestigious and highly respectable entity. Since the launch of our Islamic investment notes back in April of 2020, we have seen an increase of funds disbursed to micro-enterprises by 1,000% in just a few short months.
This injection of funds will help accelerate the growth of Malaysia’s P2P financing industry as more investors gain confidence in the business model, allowing for more micro-businesses to be positively impacted.”
stated Tunku Danny Nasaifuddin Mudzaffar, CEO of microLEAP.
“Peer-to-peer (P2P) financing has been regulated in Malaysia since 2016, but Malaysia has only recently recognised its potential to help businesses and Investors. We have seen tremendous growth in this space with many P2P operators emerging.
With that said, we are glad to join hands with one of the industry’s key players, microLEAP, to lend a hand to businesses that require additional support to get off the ground, stay afloat or simply expand in this turbulent period. We are excited to see what the future holds for both parties following this collaboration,”
says Tunku Dato’ Yaacob Khyra, Executive Chairman of MAA Group.
Featured image: From L to R: Anand Kanagasingam (Group COO, MAA Group Berhad), Tunku Dato’ Yaacob Khyra (Executive Chairman, MAA Group Berhad), Tunku Danny Nasaifuddin Mudzaffar (CEO, microLEAP), Matthew Fernandez (COO, microLEAP) and Marzuki Musa (CMO, microLEAP).