MFast, a Vietnam-based fintech firm, has raised US$2.5 million in a funding round led by Ascend Vietnam Ventures, with Wavemaker Partners, Do Ventures, and JAFCO Asia participating.
MFast and DigiPay co-founders Phan Thanh Vinh (left) and Phan Thanh Long / Photo credit: MFast
MFast’s agents introduce and distribute financial products to customers living in rural Vietnam by connecting them with reputable financial institutions. The firm said that 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. With 92,000 agents across 63 provinces, MFast has helped 600,000 users obtain financial products.
Currently, MFast partners with financial institutions Home Credit, CIMB, and MCredit, as well as local insurance firms.
MFast was launched in September 2020 by co-founders Phan Thanh Long and Phan Thanh Vinh.
The firm will use the fresh funds to expand to other Southeast Asian countries. It is also working to generate consumer credit ratings, and further automate its evaluation, appraisal, and financial product approval for users.
See also: Is Vietnam late to Southeast Asia’s digital banking party?
Editing by Samreen Ahmad and Arpit Nayak
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