MADCash, a fintech startup focused on providing zero-interest micro funds to women entrepreneurs in Malaysia, has completed its MYR 5 million (US$1.1 million) pre-series A funding round led by Artem Ventures.
MSW Ventures and ScaleUp Founders Fund also co-invested.
The startup will use the funds to enhance its online platform using AI technology, cover operational and marketing expenses, and explore expansion opportunities within Southeast Asia.
In addition, MADCash has also appointed Musyrifah Malek as a Co-Founder in line with this growth. With her extensive legal background, she will be pivotal in advancing the company’s corporate governance policy.
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Based in Kuala Lumpur, MADCash (which stands for Multiply, Assist, Donate cash) funds and grows unbanked and underbanked female entrepreneurs, aiming to create an alternative credit scoring to increase their future bankability.
The company runs on a proprietary technological platform that allows donors to contribute and see whom their funds are helping at any time.
By the end of this year, MADCash is set to have extended its support to over 800 women. Among its partners are Hong Leong Islamic Bank and PayNet.
Tunku Omar Asraf, Principal of Artem Ventures, said: “By offering financial inclusion and capacity building to these groups of women entrepreneurs, MADCash is a platform that helps underserved entrepreneurs to build their credit scoring and sharpen their entrepreneurship skills. MADCash recognises the importance of financial inclusion for closing the gap of poverty and gender inequality, which can lead to better economic growth in the SEA region.”
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