Vietnamese fintech startup MFast has acquired $1.5 million in pre-series A funding that was helmed by Do Ventures, a Vietnam-focused venture capital firm, along with Jafco Asia, according to media reports.
Co-founder and chief technology officer (CTO), Phan Thanh Vinh revealed that they will use the funds to expand their operations further in Vietnam, along with investing in technology to make their customer experience better, and to scale emerging regional markets.
After operating for three years in Vietnam, MFast, developed in 2018 by Digipay, has helped nearly 600,000 Vietnamese with the help of their 350,000 access financial and insurance services like consumer loans, insurance from reputable institutions. Reports also mentioned that the amount disbursed by the Vietnamese fintech to its financial partners has been more than $217.4 million. The company mentioned that more than 80 percent of its users come from rural areas.
Even though the Vietnamese startup was launched in the middle of 2019, its insurance arm has helped insurance companies distribute more than $2.17 million worth of products. Given that around 75-80 percent of their users come from rural areas, MFast’s primary aim is to improve accessibility, affordability, and convenience of financial services for all members of society.
Phan Thanh Long, CEO, and co-founder of MFast told the media, “MFast aims to become the leading platform that improves financial inclusion for Vietnamese people from all walks of life. In the very near future, our product ecosystem will expand to many other practical areas. We hope to create benefits for both the consumer and financial system, contributing to the sustainable development of the whole economy.”
Image credits: MFast