MADCash secures new funding to support women-led microbusinesses

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Malaysian fintech startup MADCash has secured 5 million ringgit (US$1 million) in a pre-series A round led by local VC firm Artem Ventures.

Founded in 2022, MADCash – which stands for multiply, assist, and donate cash – provides interest-free loans with tenures of up to 10 months to women entrepreneurs who are unbanked or underbanked, aiming to increase their creditworthiness.

Funding details

• Funding amount: $1,000,000
• Lead investor: Artem Ventures
• Other investors: MSW Ventures, ScaleUp Founders Fund
• Stage: Pre-series A

MADCash will use the fresh funds to strengthen its online platform through AI and expand across Southeast Asia. The company is on track to reach 800 women entrepreneurs by the end of the year.

Last year, the firm joined an accelerator program conducted by ScaleUp Malaysia. At that time, it only had 83 women entrepreneurs, according to ScaleUp senior partner Renuka Sena.

She added that since then, MADCash has increased its funds under management from US$20,000 to US$700,000.

The latest funding will also support the company’s upcoming initiatives, including the launch of MADCash Academy, an online learning platform for women entrepreneurs to enhance their business and finance skills.

See also: Abrupt removal of loan insurance on Amartha frustrates lenders

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