An investment round headed by Ascend Vietnam Ventures saw MFast, a fintech company located in Vietnam, secure US $2.5 million in addition to participation from Wavemaker Partners, Do Ventures, and JAFCO Asia.
By linking them with respectable financial institutions, MFast’s agents promote and distribute financial goods to consumers living in rural Vietnam. According to the company, 70% of the rural population of the nation has little access to dependable financial services and frequently turns to risky transactions done on the grey and black markets. MFast has assisted 600,000 people in obtaining financial products with 92,000 agents spread over 63 provinces.
The financial organizations Home Credit, CIMB, and MCredit, as well as regional insurance companies, are now partners with MFast.
Co-founders Phan Thanh Long and Phan Thanh Vinh introduced MFast in September 2020.
With the additional funding, the company plans to grow into other Southeast Asian nations. Additionally, it is developing consumer credit ratings and automating user evaluation, appraisal, and financial product approval processes.
