The funding was in the form of equity and other financing modes from Malaysian investment holding company MAA Group— RM1.25 million in equity, RM2 million advance, and RM10 million alongside microLEAP's investment products.
The company had also raised US$500k in seed funding from the Malaysian Technology Development Corporation back in 2020.
Established in 2018, microLEAP provides shariah-compliant micro-loans to small enterprises who face challenges borrowing money via traditional means.
Shariah-compliant financing refers to funds that adhere to Islamic teachings, with resolutions issued by the Shariah Advisory Council of the Securities Commission of Malaysia (SACSC).
With the growth of Islamic Investment Notes and Islamic Financing offerings in the country, microLEAP has grown by more than 1000% in just 5 months since its launch in 2020.
Moving forward, microLEAP aims to use the fresh funds for promotions, advertising, hiring staff, and tech enhancements to scale the business to greater heights.
This year, microLEAP is set to launch two new products: Islamic Car Dealer Financing and Islamic Invoice Financing.
"On microLEAP's platform, where we are the first platform to be able to do both Islamic and conventional P2P financing, Islamic is more popular. In fact, our Islamic financing is 92 percent vs. eight percent for conventional financing", mentioned CEO Tunku Danny Nasaifuddin Mudzaffar told Salaamgateway