MFast, a cell app that lets Vietnamese customers in distant areas entry monetary providers, introduced it has raised a $1.5 million pre-Sequence A right now. The spherical was led by Do Ventures, with participation from JAFCO Asia.
Launched in 2019 by fintech firm Digipay, MFast says it has been utilized by 600,000 folks up to now. It companions with monetary establishments who present providers like loans and insurance coverage, and says it has been used to distribute greater than 50 billion VND (about $2.2 million USD) price of merchandise to date.
The bulk, 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 providers.
The funding will probably be used to increase MFast to extra cities and provinces in Vietnam, develop its know-how and associate with extra establishments. MFast additionally plans to enter different markets sooner or later.
MFast’s shopper credit score companions embody Mirae Asset, CIMB, Mcredit and Simple Credit score, and its insurance coverage companions embody PVI, PTI and BSH. It claims to have a community of greater than 350,000 advisors, who affords their providers via the app, and that its information evaluation instruments are capable of cut back unhealthy debt and fraud charges.