web analytics


Vietnamese financial services app MFast gets $1.5M pre-Series A led by Do Ventures – 98bmp

todayJune 21, 2021 2

share close

MFast founders Phan Thanh Long and Phan Thanh Vinh

MFast, a mobile app that lets Vietnamese users in remote areas access financial services, announced it has raised a $1.5 million pre-Series A today. The round was led by Do Ventures, with participation from JAFCO Asia. 

Launched in 2019 by fintech company Digipay, MFast says it has been used by 600,000 people to date. It partners with financial institutions who provide services like loans and insurance, and says it has been used to distribute more than 50 billion VND (about $2.2 million USD) worth of products so far.

The majority, or about 75% to 80% of MFast’s users are in remote provinces or rural areas, which the company says often limits their access to banking and credit-related services. 

The funding will be used to expand MFast to more cities and provinces in Vietnam, develop its technology and partner with more institutions. MFast also plans to enter other markets in the future. 

MFast’s consumer credit partners include Mirae Asset, CIMB, Mcredit and Easy Credit, and its insurance partners include PVI, PTI and BSH. It claims to have a network of more than 350,000 advisors, who offers their services through the app, and that its data analysis tools are able to reduce bad debt and fraud rates. 

Source link

Written by: admin

Rate it

Previous post


Coinbase’s bet on Amber Group pays off as it hits a $1B valuation

Cryptocurrency trading firm Amber Group has reached unicorn status with its latest funding round of $100 million today. The Hong Kong-based firm raised money in the Series B round led by China Renaissance. Other firms contributing to the $100 million sum included some prominent names, such as Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, and Gobi Partners.The company — backed by Coinbase in Series A investment […]

todayJune 21, 2021 5

Post comments (0)

Leave a reply