TL;DR: MADCash, a fintech startup dedicated to empowering women entrepreneurs, has successfully concluded its pre-Series A funding round, securing a substantial five million ringgit investment. The funding, led by Artem Ventures with support from MSW Ventures and ScaleUp Founders Fund, will be allocated towards bolstering the platform’s online capabilities through AI technology, covering operational costs, and exploring expansion opportunities across Southeast Asia. Nuraizah Shamsul Baharin, Managing Director of MADCash, expressed enthusiasm for the new partnerships and their potential impact on society.
MADCash’s Mission and Funding Success
MADCash Sdn. Bhd., a pioneering fintech startup, has announced the successful completion of its pre-Series A funding round. The company, which focuses on providing zero-interest microfunds to women entrepreneurs, secured a notable five million ringgit investment. This substantial financial boost was led by Artem Ventures, with significant backing from MSW Ventures and ScaleUp Founders Fund.
Advancing Women’s Financial Inclusion
MADCash, an acronym for Multiply, Assist, Donate Cash, is dedicated to funding and nurturing unbanked and underbanked women entrepreneurs. Its objective is to establish an alternative credit scoring system, ultimately increasing their future accessibility to traditional banking services. This initiative stands as a significant stride towards addressing gender-based financial disparities.
Nuraizah Shamsul Baharin, Managing Director of MADCash, expressed her excitement about the new partnerships, stating, “With the support from Artem, MSW, and ScaleUp we can now make a bigger impact on society!”
Backing from Industry Leaders
Tunku Omar Asraf, Principal of Artem Ventures, highlighted the importance of MADCash’s efforts in financial inclusion and capacity-building for women entrepreneurs. He emphasized that this platform plays a crucial role in empowering underserved entrepreneurs, enabling them to enhance their credit scoring and sharpen their entrepreneurial skills.
MSW Ventures’ Jeffrey Seah emphasized the significance of sustainable solutions for supporting the unbanked and underbanked in the digital economy. He commended Nuraizah for her adept navigation of the complex agendas in the realm of micro-financed entrepreneurship.
Renuka Sena, Senior Partner at ScaleUp Malaysia, lauded MADCash’s progress, underscoring how the startup had evolved since joining their accelerator program in 2022. From initially supporting 83 women with $20K in microfunds, MADCash has made significant strides, raising funds to $700K and improving its processes to reach more deserving women.
Expanding Impact and Partnerships
By the end of the year, MADCash aims to extend its support to over 800 women. The startup has cultivated partnerships with key financial entities like Hong Leong Islamic Bank and PayNet, further fortifying its position in the industry.
Welcoming a New Co-Founder
In tandem with its growth, MADCash welcomes Musyrifah Malek as a Co-Founder. Leveraging her extensive legal background, she will play a pivotal role in advancing the company’s corporate governance policy and practices, bolstering MADCash’s standing within the industry.