The funding round is led by Do Ventures

MFast 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. This fintech platform enables Vietnamese to access financial and insurance service packages. While financial services are widely offered in the urban areas, 70 percent 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. The money will expand the startup’s coverage across Vietnam to help people access financial services.

A user’s interface on the iPhone version of MFast app.

Fintech solutions named MFast

Launched in 2019 by fintech company DigiPay, MFast has been used by 600,000 people to date. About 75-80 per cent of MFast’s end-users come from remote provinces and rural areas. Its insurtech platform has helped insurance companies distribute more than 50 billion VND worth of products to customers. The startup prequalifies applicants for credit services using predictive machine learning algorithms to identify high risks of defaulting on their loans, while its insurance customers are matched with plans using a data-driven engine. Data analysis ensures customers are matched with financial services that best suit their needs and affordability. Thus, they should also reduce bad debt and fraud rates for its partners. The firm’s financial partners include Mirae Asset, CIMB, Mcredit, EasyCredit as for consumer credit, and PVI, PTI, BSH as for insurance.

Phan Thanh Vinh and Phan Thanh Long, the twin co-founders of MFast

According to Phan Thanh Vinh, CTO and co-founder of MFast, 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. Phan Thanh Long, CEO and co-founder of MFast, said: “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.”

Sources of information include VNExpress and e27.