MFast founders Phan Thanh Long and Phan Thanh Vinh
MFast, a cell app that lets Vietnamese customers in distant areas entry monetary companies, introduced it has raised a $1.5 million pre-Series A in the present day. The spherical was led by Do Ventures, with participation from JAFCO Asia.
Launched in 2019 by fintech firm Digipay, MFast says it has been utilized by 600,000 individuals thus far. It companions with monetary establishments who present companies like loans and insurance coverage, and says it has been used to distribute greater than 50 billion VND (about $2.2 million USD) price of merchandise to this point.
The majority, or about 75% to 80% of MFast’s customers are in distant provinces or rural areas, which the corporate says usually limits their entry to banking and credit-related companies.
The funding can be used to develop MFast to extra cities and provinces in Vietnam, develop its know-how and companion with extra establishments. MFast additionally plans to enter different markets sooner or later.
MFast’s shopper credit score companions embody Mirae Asset, CIMB, Mcredit and Easy Credit, and its insurance coverage companions embody PVI, PTI and BSH. It claims to have a community of greater than 350,000 advisors, who provides their companies by way of the app, and that its information evaluation instruments are capable of scale back unhealthy debt and fraud charges.
