Malaysian peer-to-peer microfinancier microLEAP has received a 13.25 million ringgit ($3.26 million) boost from investment holding company MAA Group Berhad.
3.25 million ringgit comprises 1.25 mln ringgit in equity and 2 mln ringgit in advance. These funds will be used for advertising and promotions, hiring of more staff, and tech enhancements, microLEAP said in a statement on Tuesday (Jan 12).
This round follows the 2 mln ringgit in seed funding the fintech received last year from the Malaysian Technology Development Corporation.
10 mln ringgit will be spread across campaigns that are seeking to raise funds, what microLEAP calls investment notes. The company said the 10 mln ringgit will go into up to 30% of each Islamic investment note.
The P2P platform’s new investor, MAA Group Berhad, primarily focuses on general insurance and education services, according to its website. It is listed on the main board of Bursa Malaysia.
microLEAP has disbursed 1,123,500 ringgit in Islamic and conventional P2P financing to 48 campaigns, according to its website. The company said in its statement on Jan 12 that more than 95% of the financing that it disburses is Shariah-compliant.
“Moving forward, in 2021, microLEAP looks to further expand its Islamic P2P financing services to Small and Medium Enterprises (SMEs) as well, with new products such as Islamic Car Dealer Financing and Islamic Invoice Financing set to be lunched early in the year,” said microLEAP.
The microfinancier is licensed by the Securities Commission.
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