MADCash, a Malaysia-based Fintech Startup, Secures RM5 Million in Funding to Empower Women Entrepreneurs
MADCash Sdn. Bhd., a fintech startup focused on providing zero-interest microfunds to women entrepreneurs, announced the successful completion of its pre-series A funding round, securing RM5 million investment led by Artem Ventures with strong support from MSW Ventures and ScaleUp Founders Fund. These newly acquired funds will be used to enhance the Company’s online platform using AI technology, cover operational and marketing expenses, and explore expansion opportunities within the Southeast Asia region.
MADCash, which stands for Multiply, Assist, Donate Cash, funds and grows unbanked and underbanked women entrepreneurs, aiming to create an alternative credit scoring to increase their future bankability.
Nuraizah Shamsul Baharin, Managing Director of MADCash said, “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. With the support from Artem, MSW, and ScaleUp we can now make a bigger impact on society!”
MSW Ventures’ Jeffrey Seah said, “Supporting the unbanked and underbanked has been a digital economy problem looking for a sustainable solution, especially in the development economy of micro-financed entrepreneurship. Nuraizah has demonstrated a strong grasp of the complex and ever-changing agendas amongst the institutional and strategic stakeholders, forging a program-based business model that can serve to realize the potential of women entrepreneurs, providing them with a level of self-sufficiency beyond sustenance. This is my second cheque in support of Nuraizah’s MADCash, she epitomizes the characteristics of an Asia Fund X founder.”
Tunku Omar Asraf, Principal of Artem Ventures said, “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. 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.”
“We’re really proud of Nuraizah and her team and how far they have come,” remarks Renuka Sena, Senior Partner at ScaleUp Malaysia. “When she joined our accelerator program in 2022 MADCash had only supported 83 women with just US$20K as microfunds. Since then, her team has really focused on raising more funds under management to US$700K and improving their processes to deploy funds to more deserving women. MADCash demonstrates the quality of founders that we at ScaleUp aim to support all the way.”
By the end of this year, MADCash is set to have extended its support to over 800 women. Among its partners are Hong Leong Islamic Bank, and PayNet.
In line with this growth, MADCash welcomes Musyrifah Malek as a Co-Founder. With her extensive legal background, she will be pivotal in advancing the Company’s corporate governance policy and practices, to help ensure MADCash’s success within its industry.
About MADCash
Kuala Lumpur-based Madcash Sdn. Bhd. is a fintech solutions provider that helps women achieve greater financial security by providing the capital, business, and financial acumen to grow their micro businesses. The Company runs on a proprietary technological platform that allows donors to contribute and see whom their funds are helping at any time. Visit www.getmadcash.com.
About MSW Ventures
MSW Ventures supports Asia Fund X (AFX), a successor fund to Asia Fund II (AFII), in searching for exceptional growth models and founders with the X factor within the transformative Digital Economy of Southeast Asia. We value bold, mainstream-oriented and mature-minded founders whose startups exhibit sustainable growth, quality revenue and validated market-priced product-market fit. Once we invest, we pull out all stops to support our portfolio companies on their go-to-market journey, leveraging our well-established network of industry connections and intimate knowledge of the market geographies to help founders navigate the ever-changing terrains of their industries.
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