Weeks after launching its new microLEAP+ investment note, peer-to-peer (P2P) financing platform microLEAP confirmed that it has facilitated its fastest-ever fully funded note raising RM300,000 (US$71,047.9) in under two hours. The Islamic fintech start-up is also working on new instruments.
Some RM3.5 million (US$828,186) has been raised through the microLEAP platform for microenterprises since May 2020. The new product microLEAP+ offers SMEs the option to raise larger ticket offerings between RM50,000 (US$11,841.3) to RM500,000 (US$118,312) through multiple instruments including short-term notes and invoice financing, all while complying with Shariah principles.
“We are honored to take the next step into the SME territory with microLEAP+. It’s an offering that brings us into a whole new world of P2P financing, where we are able to expand our reach to not just micro businesses, but small to medium sized companies as well. We believe that it is crucial to serve both the micro and SME markets and we are glad to be doing so in a Shariah-compliant manner. I can’t stress enough that these are tough times and we want to help wherever we can. The team has been working hard to ensure we are able to help MSMEs gain access to the funds they need to grow,” commented Tunku Danny Nasaifuddin Mudzaffar, the founder and CEO of microLEAP.
The Malaysian start-up launched in 2018 serving microenterprises with both conventional and Islamic financing products, allowing smaller businesses to raise between RM1,000 (US$236.83) to RM50,000 in a completely virtual environment. The scope has now expanded to larger businesses, and microLEAP continues to grow its focus and product lines. “Rest assured that we are not stopping here. Believing in continuous innovation, we are expected to launch Shariah compliant car dealer financing along with Shariah compliant grant financing in the near future to further widen our reach and help more SMEs gain access to the funds they need in a quick, online and regulated manner,” shared Tunku Danny.