MADCash, a Malaysian fintech startup that focuses on providing zero-interest micro-funding to women entrepreneurs, has successfully concluded its pre-Series A funding round with a RM 5 million investment. Leading the investment round is Artem Ventures, with contributions from MSW Ventures and the ScaleUp Founders Fund.
With this infusion of funds, MADCash aims to empower women entrepreneurs who often have limited access to traditional banking services, helping them strengthen their creditworthiness and achieve financial independence.
The capital raised in this funding round will be allocated to various strategic initiatives. This includes enhancing MADCash’s online platform through advanced AI technology for optimization, as well as addressing operational and marketing needs. Additionally, the funding will support the startup’s expansion plans across Southeast Asia, as outlined in their official press release.
In a significant development, MADCash has appointed Musyrifah Malek as a co-founder, leveraging her extensive legal expertise. Her role within the startup will focus on advancing corporate governance policies and reinforcing operational principles.
Founded by Managing Director Nuraizah Shamsul Baharin, MADCash, which stands for Multiply, Assist, Donate Cash, is committed to aiding unbanked and underbanked women entrepreneurs. Their ultimate goal is to establish an alternative credit scoring system that improves the financial prospects of these women.
MADCash’s approach revolves around providing women with the capital, business support, and financial knowledge needed to nurture their micro-businesses. They achieve this through a proprietary technology platform that enables donors to monitor the impact of their contributions in real time.
Nuraizah Shamsul Baharin, Managing Director of MADCash, expressed her excitement about the recent developments and upcoming projects, including the launch of MADCash Academy. She stated, “We are thrilled to have new partners onboard at this critical juncture when we have so much in the pipeline, including launching MADCash Academy soon. With the support from Artem, MSW, and ScaleUp, we can now make a bigger impact on society.”
Artem Ventures, a Malaysia-based venture capital firm, played a pivotal role in MADCash’s successful funding round. The firm manages TIM Ventures, a fund supported by the FWD Group, specializing in backing early-stage fintech and insurtech companies.
TIM Ventures has already invested in 12 companies with a mission to drive financial inclusion and social security by providing underserved communities with digital access to financial and insurance products.
Tunku Omar Asraf, Principal of Artem Ventures, shared his perspective on investing in the Malaysian fintech startup, highlighting MADCash’s commitment to financial inclusion as a means to address poverty and gender inequality, ultimately contributing to economic growth in the Southeast Asian region.