MFast co-founders Phan Thanh Vinh and Phan Thanh Long
MFast, a fintech platform that enables Vietnamese to access, use and introduce financial and insurance service packages, has secured US$1.5 million in pre-Series A round of investment.
Led by early-stage VC firm Do Ventures, the round also saw participation from JAFCO Asia.
According to Phan Thanh Vinh, CTO and co-founder of MFast, the money will be deployed to expand its coverage to more cities and provinces across Vietnam to help people easily access financial services.
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The firm will also continue to invest in technology to enhance customer experience, focus on widening its partner network, and scale to regional emerging markets in the near term.
While financial services are widely offered in the urban areas, 70 per cent of Vietnam’s population has limited or no access to banking and related credit services. The narrow coverage of service delivery points in remote areas is one of the main barriers.
MFast, owned and operated by DigiPay, is tackling this pain point by leveraging technology and a nationwide financial advisors network. The mobile app connects the underserved populations with financial and insurance institutions to ensure that everyone has access to basic financial services, thereby helping people improve livelihood opportunities, manage risks, and sustainably increase life quality.
Through data analysis, the platform ensures customers are matched with financial services that best suit their needs and affordability, thus reducing bad debt and fraud rates for its partners.
Launched in mid-2019, MFast said it has helped nearly 600,000 users to access financial and insurance services from reputable institutions. Its insurance arm has helped insurance companies distribute more than VND 50 billion worth of products to customers.
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About 75-80 per cent of MFast’s end-users come from remote provinces and rural areas.
The insurtech firm’s financial partners include Mirae Asset, CIMB, Mcredit, EasyCredit as for consumer credit, and PVI, PTI, BSH as for insurance.
Le Hoang Uyen Vy, General Partner of Do Ventures, said: “MFast unlocks essential financial and insurance products for every individual in Vietnam thanks to an extensive network of financial advisors. Based on data analysis and constantly expanding its network of advisors, MFast provides customers with tailored and safe financial services, creating stability for the whole market while limiting risks of fraud and bad debt to achieve sustainable benefits for industry partners.”
Phan Thanh Long, CEO and co-founder of MFast, said: “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.”
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