Malaysian P2P platform microLEAP scores $3.26m in funding

Malaysia-based P2P lending platform microLEAP said to close RM13.25m ($3.26m) in a new financing round, which was supplied by MAA Group.

The investment was comprised of RM1.25m (309,000) in equity and RM2m ($494,000) advance, according to a report from Global Ethical Banking. The remaining RM10m ($2.4m) will be invested across microLEAP Islamic and conventional investment notes.

With the equity will be used to support advertising, promotions, hiring staff and technology enhancements.

The company offers a Sharia-compliant P2P lending platform which enables retail investors to deploy capital into small businesses to support their growth, while earning them returns. A borrower can seek between RM1,000 and RM50,000.

Fellow sharia-compliant FinTech company Alami reportedly raised $20m in a mixture of debt and equity. The company offers loans to micro, small and medium-sized businesses.

Split, a FinTech helping those in Singapore and Malaysia to split payments into monthly instalments, reportedly closed a seed funding round last year from 500 Startups and a series of angel investors.

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