Malaysian fintech do-it crowdfunds to support BNPL platform development
du-it, a Malaysia-based Islamic fintech company (Duittech International Sdn Bhd), has recently launched a crowdfunding campaign in partnership with Ethis Malaysia, a leading global Islamic crowdfunding platform. The campaign aims to support the development of their innovative Business to Business (B2B) Buy Now, Pay Later (BNPL) platform, which will be the first B2B BNPL platform in Malaysia and the first in the world to operate in a Shariah Compliant setting. du-it is dedicated to offering interest-free installment solutions to companies, especially small and micro-enterprises.
du-it’s BNPL platform is designed as a solution-based platform for Small Medium Enterprises (SMEs) and Micro Small Media Enterprises (MSMEs) in Malaysia, with a primary focus on their dealings with other businesses that require flexible payment options for their purchases, whether for capital expenditure (CAPEX) or operating expenses (OPEX). The platform offers a credit limit of up to RM50,000, based on the customer’s risk profiling, and allows businesses to get approval within minutes.
Shafik Ali, founder and CEO of du-it said the launch of the crowdfunding campaign on Ethis Malaysia is an exciting step for du-it. “We are grateful for the opportunity to reach out to a wider audience and bring our vision to life as we work to transform the way businesses in Malaysia manage their cash flow more effectively,” he said.
du-it’s crowdfunding campaign is open to everyone and aims to raise a maximum of RM3 million within 90 days. By participating in the crowdfunding campaign, investors can become part of du-it’s mission to provide affordable and accessible financing solutions for small and micro enterprises in Malaysia.
“With the funds raised through the campaign, we aim to bring our platform to more businesses in Malaysia, further develop our platform as well as expand our team across core business growth roles, and help businesses access interest-free credit terms on demand, and solve the pain points of today’s SMEs.” Shafiq said.
The crowdfunding campaign presents an exciting opportunity for investors to support an Islamic fintech company that is transforming the way businesses in Malaysia manage their cash flow more efficiently. du-it’s BNPL platform has the potential to revolutionize the credit industry by providing a convenient and accessible way for corporates, SMEs and MSMEs to access credit, while providing a safe and secure way for merchants to receive advance payments for their sales transactions .
Umar Munshi, MD of Ethis Group mentioned that du-it’s unique value proposition has come at the right time. “With a large market need, du-it’s Islamic products will create a positive impact and benefit society as the company grows,” he said.
Wan Dazriq, CEO of Ethis Malaysia, expressed that they are equally honored and humbled to facilitate du-it’s fundraising efforts to the tune of RM3 million. “du-it’s unique business model provides greater financial access to Malaysia’s SMEs via Buy Now, Pay Later, which adheres to Sharia guidelines and is much needed in the current fast-paced commercial environment.
Investors can take part in this opportunity by investing in du-it through Ethis Malaysia’s equity crowdfunding platform, with a minimum investment of RM1,000.” he added.
Investors can now participate in the crowdfunding campaign by visiting the campaign page on Ethis Malaysia, a leading global Islamic crowdfunding platform approved by regulators in Malaysia and also has a presence in Indonesia and Oman, along with a charity platform called Global Sadaqah.
