A Kuala Lumpur-based big data analytics start-up focusing on Shariah finance has secured a funding commitment of RM2 million (US$490,076) and initiated discussions on raising an additional RM10 million (US$2.45 million) over the next six months, IFN Fintech has learned.
Funding is not the only area MyFinB, one of the nine finalists of the SuperCharger Malaysia program, is looking to boost; the start-up – co-owned by global Shariah scholar Dr Daud Mohd Daud Bakar – is also expecting to triple the growth of its user base on a quarterly basis through its channel partners in 2018. It currently has a community of over 20,000 users since its soft launch.
“Within Malaysia, we have successfully implemented a nationwide program to help SME Bank manage their client portfolio [and we] are in talks with other commercial banks about our RoboBanker solutions. Our analytical engine will also be made available on e-SSM platform managed by Raffcomm in [the] first quarter of 2018,” the firm said. SSM is Suruhanjaya Syarikat Malaysia, or the Companies Commission of Malaysia.
The start-up, which also has presence in four other countries (the UK, Vietnam, Singapore and India), is looking to expand its Malaysian team by another 10 headcounts and is currently working on launching a marketplace next year.
It recently entered an MoU with the Malaysia Institute of Accountants to facilitate accountants harness data and generates insights in audit, accounting and tax using data analytics.