The fintech company MFast, based in Vietnam, has completed its US $6 million series A funding round, which was organized by Wavemaker Partners. Finnoventure Fund I, Headline Asia, Do Ventures, Jafco Asia, Ascend Vietnam Ventures were other investors.
The 63 cities in Vietnam are all served by MFast, which was established in 2017 by twin brothers Phan Thanh Long and Phan Thanh Vinh. It has developed a nationwide network of more than 160,000 agents.
The company estimates that 70% of the nation’s rural residents have little access to dependable financial services and frequently turn to risky transactions made on the gray and black markets. To solve this problem, MFast’s agents help introduce and distribute products by putting rural customers in touch with reputable financial institutions.
By 2024, the startup intends to use the additional funds to grow outside of Vietnam.
“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.
When compared to the same period in the previous year, MFast reported a 62% increase in earning users during the first half of 2023. The company also counts UOB, SHBFinance, TPBank, VPBank, and Kasikorn Bank among its partners among domestic and foreign financial institutions.
