MADCash Sdn Bhd: Empowering Women Entrepreneurs Through Financial Inclusion
In a significant stride towards empowering women entrepreneurs, MADCash Sdn Bhd, a fintech startup, has successfully completed its pre-series A funding round, securing RM5 million. This funding round was led by Artem Ventures, with robust support from MSW Ventures and ScaleUp Founders Fund. The infusion of capital will enable MADCash to enhance its platform, utilize artificial intelligence, cover operational and marketing expenses, and explore expansion opportunities across the Southeast Asia region.
The Mission of MADCash
MADCash, which stands for Multiply, Assist, Donate Cash, is dedicated to funding and nurturing unbanked and underbanked women entrepreneurs. The startup aims to create an alternative credit scoring system that will increase these entrepreneurs’ future bankability. By focusing on women who often face barriers in accessing traditional financial services, MADCash is addressing a critical gap in the financial ecosystem.
A Vision for Impact
Nuraizah Shamsul Baharin, the founder and Managing Director of MADCash, expressed her enthusiasm about the new partnerships formed during this funding round. “We are thrilled to have new partners onboard at this critical juncture when we have so much in the pipeline, including launching MADCash Academy soon,” she stated. With the support from Artem, MSW, and ScaleUp, MADCash is poised to make a more significant impact on society, particularly in empowering women entrepreneurs.
Financial Inclusion as a Catalyst for Change
Tunku Omar Asraf, Principal of Artem Ventures, emphasized the importance of financial inclusion in his remarks. He noted that MADCash provides essential support to underserved women entrepreneurs, helping them build their credit scores and sharpen their entrepreneurial skills. “MADCash 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,” he explained. This perspective highlights the broader implications of MADCash’s work, as it not only supports individual entrepreneurs but also contributes to economic development.
A Sustainable Solution for the Digital Economy
Jeffrey Seah from MSW Ventures pointed out the pressing issue of supporting the unbanked and underbanked in the digital economy. He described MADCash as a sustainable solution to a long-standing problem in micro-financed entrepreneurship. “Nuraizah has demonstrated a strong grasp of the complex and ever-changing agendas amongst the institutional and strategic stakeholders,” he remarked. This ability to navigate the intricacies of the financial landscape is crucial for the success of MADCash and its mission.
Growth and Progress
The journey of MADCash has been remarkable. Renuka Sena, Senior Partner at ScaleUp Malaysia, reflected on the progress made since Nuraizah joined their accelerator program in 2022. At that time, MADCash had supported only 83 women with a mere US$20,000 in microfunds. Fast forward to today, and the startup has significantly raised its funds under management to US$700,000, demonstrating a commitment to improving processes and deploying funds to deserving women. “MADCash demonstrates the quality of founders that we at ScaleUp aim to support all the way,” Sena added.
Expanding Reach and Partnerships
By the end of this year, MADCash is on track to extend its support to over 800 women entrepreneurs. This ambitious goal is made possible through strategic partnerships with institutions like Hong Leong Islamic Bank and PayNet, which enhance MADCash’s ability to provide financial resources and support to its beneficiaries.
Strengthening Governance with New Leadership
In line with its growth trajectory, MADCash has welcomed Musyrifah Malek as a co-founder. With her extensive legal background, Musyrifah is expected to play a pivotal role in advancing the company’s corporate governance policies and practices. This addition to the leadership team underscores MADCash’s commitment to ensuring its success within the fintech industry while maintaining high standards of governance.
Conclusion
MADCash Sdn Bhd stands at the forefront of a movement to empower women entrepreneurs in Southeast Asia. Through innovative financial solutions, strategic partnerships, and a commitment to social impact, MADCash is not just changing the lives of individual women but also contributing to the broader economic landscape. As the company continues to grow and evolve, its mission to foster financial inclusion and entrepreneurship remains steadfast, promising a brighter future for many underserved individuals in the region.