Following a successful Islamic investment deal on microLEAP’s platform, cross-border payment fintech start-up MoneyMatch has formed a partnership with the peer-to-peer (P2P) financing company to offer short-term Shariah compliant P2P solutions.
“This strategic partnership will entail both MoneyMatch accessing microLEAP’s strong base of local investors seeking Shariah compliant investment opportunities while assisting MSMEs seeking business financing, as well as microLEAP being able to offer their market-leading Islamic financing solutions directly to MoneyMatch’s over 3,000 active SME customers,” the start-ups said in a joint statement.
MoneyMatch is a remittance and cross-border trade payment platform with a presence in Malaysia, Brunei and Australia It has so far facilitated RM2.5 billion (US$598.96 million) in transactions. microLEAP on the other hand is a P2P financing platform offering both Islamic and conventional facilities and is regulated by Securities Commission Malaysia.
This collaboration follows a successful MoneyMatch deal via microLEAP. MoneyMatch raised RM1 million (US$239,585) through an Islamic investment note on the microLEAP platform. The note was the largest in the history of microLEAP, and one of the largest within the Malaysian Islamic P2P space. It was also the fastest campaign to be funded on microLEAP’s platform — it was closed in under three days.
Under the agreement, microLEAP will also offer their Shariah compliant financing solutions directly to MoneyMatch’s pool of SME customers. “Today heralds just the start of what we see as a long-term commitment and partnership with one of the country’s top Islamic financing platforms as we combine our solutions to help the underserved SMEs in our country who are looking to recover and grow as we exit this pandemic phase,” said Adrian Yap, CEO of MoneyMatch.