microLEAP, the platform that offers both Islamic and Conventional Peer-to-Peer (P2P) financing, announced a RM3.25 million funding round. The funding is made up of RM1.25 million in equity and a RM2 million advance. The company also received RM10 million in investments from MAA Group Berhad.
Tunku Danny Nasaifuddin Mudzaffar, Chief Executive Officer (CEO) of microLEAP said they have seen an increase of funds disbursed to micro-enterprises by 1,000 percent since the launch of the Islamic Notes back in April 2020.
He added that the funds will help grow Malaysia’s P2P financing industry because investors will gain confidence in the business model and allow more micro-businesses to be affected positively.
P2P investors can also support business owners through the P2P microfinancing allowing them to diversify their investments and benefit from gross returns of up to 18 percent per annum. microLEAP further seeks to be Issuer (Borrower)-friendly as well as to accommodate both parties to enjoy mutual arrangements.
“P2P financing has recognised the potential to help businesses and investors. The Group is eager to work with microLEAP to help businesses to stay afloat or expand in these troubled times,” Tunku Yaacob Khyra, Executive Chairman of MAA Group said.
This year, microLEAP is looking to further expand their Islamic P2P financing services to Small and Medium Enterprises (SMEs).
The Company will work with issuers or borrowers to use the platform to invest in micro businesses of their choice.