What is MyTM?
Founded in 2018, MyTM distinguishes itself as the first Islamic FinTech platform designed to bridge the gap between traditional financial services and the unbanked population. The company operates a multifaceted business model that integrates mass transit e-ticketing, branchless banking, and microfinance services through an extensive agent network. By facilitating loan lead generation and deploying advanced payment solutions such as e-POS and integrated payment gateways for Visa and Mastercard, MyTM has established itself as a critical infrastructure provider for digital commerce.
The company's market position is bolstered by its commitment to Sharia-compliant financial products, which addresses a significant demand gap in the regional economy. By leveraging technology to simplify complex financial transactions, MyTM is effectively driving financial inclusion and modernizing the transactional landscape for both consumers and merchants.
How much funding has MyTM raised?
MyTM has raised a total of $6.9M across 1 funding round:
Angel/Seed
$6.9M
Angel/Seed (2022): $6.9M with participation from 100K Ventures, United Seven Hills Venture, Loyal VC, PEX International, and My Petroleum
Key Investors in MyTM
100K Ventures
An accelerator based in Flint, Michigan, that provides mentorship and resources to nurture emerging startups and entrepreneurs.
Loyal VC
A diversified evergreen venture fund that provides institutional-quality diversification across global sectors with a focus on impact and resilience.
PEX International
A global supplier of electrical conduit systems that serves the mechanical and electrical sectors of the international construction industry.
What's next for MyTM?
With the infusion of $6.9M, MyTM is poised to enter a phase of aggressive expansion. The strategic roadmap likely involves scaling its e-POS infrastructure and deepening its penetration into the microfinance sector, where the demand for accessible credit remains high. Furthermore, the company is expected to enhance its payment gateway capabilities to support the increasing volume of digital transactions, thereby solidifying its role as a central hub for regional financial activity.
As the company transitions into this next stage of maturity, the focus will likely shift toward optimizing its agent network and integrating more sophisticated financial products. By maintaining its commitment to innovation and regulatory compliance, MyTM is well-equipped to navigate the complexities of the evolving FinTech environment and sustain its competitive advantage.
