MADCash Secures RM5 Million in Funding to Empower Women Entrepreneurs

MADCash, the Malaysian fintech startup specializing in zero-interest micro-funding for women entrepreneurs, has successfully concluded its pre-Series A funding round with a RM 5 million investment. Artem Ventures led the investment charge, with contributions from MSW Ventures and the ScaleUp Founders Fund. 

With the funding, MADCash aims to empower women entrepreneurs who are often unbanked or underbanked to strengthen their creditworthiness and financial independence. 

The recently acquired capital infusion will be directed towards MADCash’s online platform, leveraging advanced AI technology for optimization, financing operational and marketing requirements, and facilitating the startup’s expansion endeavors across the Southeast Asian region, as detailed in the official press release.

In addition to its successful funding round, MADCash has appointed Musyrifah Malek as a co-founder, a strategic move attributed to her extensive legal expertise. Her role within the startup will be pivotal in advancing corporate governance policies and practices, reinforcing sound operational principles.

Founded by Managing Director Nuraizah Shamsul Baharin, MADCash, short for Multiply, Assist, Donate Cash, is dedicated to supporting unbanked and underbanked women entrepreneurs with the ultimate goal of establishing an alternative credit scoring system to enhance their future financial prospects. 

The company’s approach centers around providing women with the capital, business support, and financial knowledge required to nurture their micro-businesses, all facilitated through a proprietary technology platform that enables donors to monitor the impact of their contributions in real time.

Nuraizah Shamsul Baharin, the Managing Director of MADCash, expressed her views in the press release, noting that the company has a substantial work pipeline, including the MADCash Academy launch. 

“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. With the support from Artem, MSW, and ScaleUp, we can now make a bigger impact on society!” Nuraizah said. 

Artem Ventures, a Malaysia-based venture capital firm, plays a key role in MADCash’s recent funding success. The firm manages TIM Ventures, a fund backed by the FWD Group, which specializes in supporting early-stage fintech and insurtech companies. 

TIM Ventures has already invested in 12 companies with a mission to drive financial inclusion and social security by providing underserved communities with digital access to financial and insurance products.

Tunku Omar Asraf, Principal of Artem Ventures, expressed his views on investing in the Malaysian fintech startup. “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 said. 

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