MADCash Secures RM5 Million in Pre-Series A Funding to Empower Women Entrepreneurs
Kuala Lumpur, October 3, 2023 – In a significant stride towards enhancing financial inclusion for women entrepreneurs, MADCash Sdn. Bhd., a fintech startup, has successfully completed its pre-series A funding round. The company secured RM5 million in investments, led by Artem Ventures, with robust backing from MSW Ventures and ScaleUp Founders Fund. This funding marks a pivotal moment for MADCash as it aims to expand its reach and impact in the Southeast Asian region.
The Mission of MADCash
MADCash, which stands for Multiply, Assist, Donate Cash, is dedicated to supporting unbanked and underbanked women entrepreneurs. The startup’s mission is to create an alternative credit scoring system that enhances the bankability of these women, enabling them to access the financial resources they need to grow their businesses. By focusing on this underserved demographic, MADCash is not only fostering entrepreneurship but also contributing to the broader goal of gender equality in the economic landscape.
Funding Utilization and Future Plans
The newly acquired funds will be strategically allocated to enhance MADCash’s online platform through the integration of artificial intelligence technology. This upgrade aims to streamline operations and improve user experience, making it easier for women entrepreneurs to access microfunds. Additionally, the funds will cover operational and marketing expenses, allowing MADCash to increase its visibility and outreach. The company is also exploring expansion opportunities across Southeast Asia, a region ripe with potential for growth in microfinancing.
Leadership Insights
Nuraizah Shamsul Baharin, the Managing Director of MADCash, expressed her enthusiasm about the new partnerships formed through this funding round. “We are thrilled to have new partners onboard at this critical juncture when we have so much in the work pipeline including launching MADCash Academy soon,” she stated. This academy is expected to provide essential training and resources to women entrepreneurs, further empowering them in their business endeavors.
The Role of Investors
Tunku Omar Asraf, Principal of Artem Ventures, highlighted the importance of MADCash’s mission. He stated, “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.” His comments underscore the broader economic implications of supporting women in business, particularly in addressing poverty and gender inequality in the Southeast Asian region.
Jeffrey Seah, General Partner at MSW Ventures, echoed this sentiment, emphasizing the need for sustainable solutions to the challenges faced by the unbanked and underbanked. “Nuraizah has demonstrated a strong grasp of the complex and everchanging agendas amongst the institutional and strategic stakeholders,” he remarked, praising her ability to forge a program-based business model that empowers women entrepreneurs.
Growth and Achievements
Since its inception, MADCash has made remarkable progress. Renuka Sena, Senior Partner at ScaleUp Malaysia, noted that when Nuraizah joined their accelerator program in 2022, MADCash had only supported 83 women with a mere US$20K in microfunds. Fast forward to today, and the company has raised its funds under management to US$700K, with plans to extend support to over 800 women by the end of the year. This impressive growth reflects MADCash’s commitment to improving processes and deploying funds effectively to deserving women.
Welcoming New Leadership
In line with its growth trajectory, MADCash is excited to welcome Musyrifah Malek as a Co-Founder. With her extensive legal background, Musyrifah will play a crucial role in advancing the company’s corporate governance policies and practices. Her expertise is expected to bolster MADCash’s operational framework, ensuring its success and sustainability in the competitive fintech landscape.
Partnerships and Collaborations
MADCash has established partnerships with notable institutions, including Hong Leong Islamic Bank and PayNet. These collaborations are vital for enhancing the financial services available to women entrepreneurs, providing them with the necessary tools and resources to thrive in their ventures.
Looking Ahead
As MADCash continues to grow and evolve, its focus remains steadfast on empowering women entrepreneurs and fostering financial inclusion. With the support of its investors and partners, the company is poised to make a lasting impact on the economic landscape of Southeast Asia, paving the way for a more equitable future for women in business.