MFast, a cellular app that lets Vietnamese customers in distant areas entry financial services, introduced it has raised a $1.5 million pre-Series A right this moment. The spherical was led by Do Ventures, with participation from JAFCO Asia.
Launched in 2019 by fintech firm Digipay, MFast says it has been used by 600,000 folks thus far. It companions with financial establishments who present services like loans and insurance coverage, and says it has been used to distribute greater than 50 billion VND (about $2.2 million USD) value of merchandise up to now.
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 services.
The funding can be used to develop MFast to extra cities and provinces in Vietnam, develop its know-how and accomplice with extra establishments. MFast additionally plans to enter different markets sooner or later.
MFast’s shopper credit score companions embrace Mirae Asset, CIMB, Mcredit and Easy Credit, and its insurance coverage companions embrace PVI, PTI and BSH. It claims to have a community of greater than 350,000 advisors, who provides their services by the app, and that its information evaluation instruments are capable of scale back unhealthy debt and fraud charges.