MADCash, a fintech startup focused on empowering women entrepreneurs through zero-interest microfunding, has successfully secured a five million ringgit investment in its pre-Series A funding round led by Artem Ventures. This investment will drive the expansion of MADCash’s initiatives, including the launch of MADCash Academy, with the aim of supporting over 800 women entrepreneurs by the end of the year.
3 October 2023 – MADCash Sdn. Bhd., a pioneering fintech startup committed to empowering women entrepreneurs by providing zero-interest microfunds, proudly announces the successful culmination of its pre-Series A funding round. The firm has secured a substantial five million ringgit investment, spearheaded by Artem Ventures and bolstered by robust support from MSW Ventures and ScaleUp Founders Fund.
MADCash, whose acronym signifies “Multiply, Assist, Donate Cash,” is dedicated to fostering the growth of unbanked and underbanked women entrepreneurs while simultaneously forging a path to establish alternative credit scoring systems to enhance their future financial prospects.
Nuraizah Shamsul Baharin, the Managing Director of MADCash, expressed her delight at this critical juncture, as new strategic partners join their ranks. She highlighted the myriad initiatives in the pipeline, including the impending launch of MADCash Academy. The backing from Artem, MSW, and ScaleUp is poised to amplify the company’s societal impact significantly.
Tunku Omar Asraf, Principal of Artem Ventures, emphasized the transformative role MADCash plays in providing financial inclusion and capacity-building for these women entrepreneurs. By enhancing their credit scores and honing their entrepreneurial skills, MADCash contributes to narrowing the gender gap, poverty alleviation, and fostering economic growth in the Southeast Asia region.
Jeffrey Seah of MSW Ventures underscored the pressing need for sustainable solutions to support the unbanked and underbanked in the digital economy, particularly within micro-financed entrepreneurship. He commended Nuraizah’s adept management of complex stakeholder relationships, applauding MADCash’s program-centric business model as a catalyst for women entrepreneurs’ self-sufficiency.
Renuka Sena, Senior Partner at ScaleUp Malaysia, celebrated MADCash’s remarkable journey. From assisting 83 women with a modest $20,000 in microfunds upon joining the accelerator program in 2022, the company has scaled its assets under management to $700,000 and streamlined its funding distribution processes. This showcases the caliber of founders that ScaleUp Malaysia is dedicated to supporting.
By year-end, MADCash is poised to extend its support to over 800 women entrepreneurs. The company boasts a robust network of partners, including Hong Leong Islamic Bank and PayNet.
In tandem with this remarkable growth, MADCash has welcomed Musyrifah Malek as a Co-Founder, leveraging her extensive legal expertise to fortify the company’s corporate governance policies and practices, thereby enhancing MADCash’s standing within the industry.