Heaptalk, Jakarta — Malaysia-based fintech startup MADCash has completed new funding at a Pre-Series A round worth US$1.05 million, led by Artem Ventures. Several strategic investors, spanning MSW Ventures and ScaleUp Founders Fund, also backed the funding round.
With the fresh injection, the startup aims to advance its online platform by embedding artificial intelligence (AI) technology. Concurrently, the fund will also cover operating and marketing expenses and facilitate the startup’s expansion into Southeast Asia.
Responding to the company’s latest investment, the Managing Director of MADCash appreciated having new strategic partners onboard at this critical juncture when the company has numerous work pipelines, spanning launching MADCash Academy soon. With the capital support from Artem Ventures, MSW, and ScaleUp, the company aims to impact society positively.
MADCash, which stands for Multiply, Assist, Donate, reflects its business intention to support the country’s unbanked and underbanked women entrepreneurs. The startup also aims to create an alternative credit scoring to elevate its women customers’ bankability in the future.
The Principal of Artem Ventures, Tunku Omar Asraf, they were observed that the startup has backed underserved business players to build their credit scoring and sharpen their entrepreneurship capabilities by offering this financial access to these women entrepreneurs.
He added, “This startup also recognizes 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.”
During its operations, MADCash has expanded its service to contribute to around 800 women in Malaysia and possessed several partners, spanning Hong Leong Islamic Bank and PayNet. Since its establishment, this fintech startup based in Malaysia has granted small loans of around US$634.85 to US$1,058 devoted to unbanked and underbanked female entrepreneurs.
Backing in this investment round, The General Partner of MSW Partner, Jeffrey Seah, admitted, “Supporting the unbanked and underbanked has been a digital economy problem that needs a sustainable solution. We observed that the startup has demonstrated a robust grasp of the complex and ever-changing agendas amongst the institutional and strategic stakeholders, forging a program-based business model to serve potential women entrepreneurs by providing them with self-sufficiency beyond sustenance.”
