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 …read more
Source: Tech Crunch