Wavemaker leads $6m round for Vietnamese fintech firm MFast

Photo credit: MFast

MFast, a Vietnam-based fintech firm, has closed its US$6 million series A funding round led by Wavemaker Partners.

Founded by twin brothers Phan Thanh Long and Phan Thanh Vinh in 2017, MFast is present in all of Vietnam’s 63 cities. It has built a network of more than 160,000 agents across the country.

According to the firm, 70% of the country’s rural population has limited access to reliable financial services and often resorts to unsafe deals made on the gray and black markets. To address this issue, MFast’s agents connect rural customers with reputable financial institutions, facilitating the introduction and distribution of products.

Funding details

• Funding amount: US$6,000,000
• Lead investor: Wavemaker Partners
• Other investors: Finnoventure Fund I, Headline Asia, Do Ventures, Jafco Asia, Ascend Vietnam Ventures
• Stage: Series A
• Source

The startup plans to use the fresh funds to expand beyond Vietnam by 2024.

“By bridging the gap and extending financial access, we not only empower individuals but also contribute to sustainable economic growth, creating a win-win scenario for customers and the broader economy,” said Sam Tanskul, managing director at Krungsri Finnovate, which manages Finnoventure Fund I.

MFast reported a 62% increase in earning users during the first half 2023 compared to the same period in the previous year. The firm also counts local and international financial institutions as partners, including UOB, SHBFinance, TPBank, VPBank, and Kasikorn Bank.

See also: These are the most active investors in Vietnam’s startups

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