MADCash Raises RM 5 Million to Drive Financing for Underserved Women Entrepreneursby Fintech News Malaysia October 3, 2023 1 comment
MADCash Sdn Bhd, a fintech startup catering to women entrepreneurs with zero-interest microfunds, recently completed its pre-series A funding round.
The investment, amounting to RM5 million, was led by Artem Ventures and received notable backing from MSW Ventures and ScaleUp Founders Fund. MADCash plans to allocate these funds to enhance its online platform through AI, manage operational and promotional costs, and seek growth avenues in the broader Southeast Asian market.
MADCash, an acronym that stands for Multiply, Assist, Donate Cash, is dedicated to aiding unbanked and underbanked women entrepreneurs. Their goal is to establish an alternative credit scoring system to boost these women’s future financial credibility. By year-end, the company aims to have assisted hundreds of women entrepreneurs.
Nuraizah Shamsul Baharin, Managing Director of MADCash said,
“We are thrilled to have new partners onboard at this critical juncture when we have so much in the work pipeline, including launching MADCash Academy soon.”
Partnerships have been forged with establishments like Hong Leong Islamic Bank and PayNet. Furthermore, to strengthen their growth trajectory, the microfinancing platform has onboarded Musyrifah Malek as a Co-Founder. Her legal expertise is expected to be invaluable in refining the firm’s corporate governance policies and practices.