MADCash Secures RM 5 Million to Support Underserved Women Entrepreneurs

Published 6 months ago

MADCash Sdn Bhd, a fintech startup offering zero-interest microfunds to women entrepreneurs, recently secured pre-series A funding of RM5 million. The initiative was led by Artem Ventures, with significant contributions from MSW Ventures and ScaleUp Founders Fund.

The capital will be utilized to enhance MADCash’s online platform via AI, manage operational and promotional expenses, and explore expansion opportunities within the broader Southeast Asian market.

A Helping Hand to Women Entrepreneurs

MADCash, which stands for Multiply, Assist, Donate Cash, is committed to supporting unbanked and underbanked women entrepreneurs. The organization is working towards developing an alternative credit scoring system to help improve these women’s financial credibility.

By the end of the year, MADCash aims to have supported hundreds of women entrepreneurs in their ventures.

Partnership and New Appointment

The Managing Director of MADCash, Nuraizah Shamsul Baharin, expressed excitement about the new partnerships at this crucial phase, which includes the upcoming launch of MADCash Academy.

Collaborations have been established with entities such as Hong Leong Islamic Bank and PayNet to enhance their growth strategy. Also, Musyrifah Malek has been brought on board as a Co-Founder, whose legal expertise is anticipated to be crucial in improving the company’s corporate governance policies and practices.