MFast, co-founded by Long Phan and Vinh Phan, a leading financial services distributor in Vietnam, is on a mission to bring financial services to the rural population of the country.
- Funding: MFast recently raised $6 million in a Series A funding round led by Wavemaker Partners. With this new funding, the company plans to expand its operations within Vietnam and outside the country.
- The Problem: The majority of Vietnam’s population lives in rural areas. These areas are often underserved by financial institutions, which tend to focus on urban locations. MFast aims to bridge this gap.
- The Solution: MFast has a network of 160,000 active agents who work with customers in tier 2 and tier 3 cities across Vietnam. The company helps customers access loans, insurance, and even high-ticket items like home appliances from brands that typically don’t have retail branches in rural areas.
- Partnerships: MFast has established partnerships with several financial institutions, including UOB, SHBFinance, and TPBank, to offer a wide range of financial products.
- Expansion and Tech Development: The funding will be used to develop proprietary technology, including the Agent360 profile portal, a credit scoring engine, an AI fraud detector, and an end-user app.
- Competition: MFast sets itself apart with its tech integration, its established base of financial institutions, and its data-driven product development strategy.
Wavemaker Partners principal Phuong Tran praised MFast for its impressive results and strong agent base. The firm is looking forward to supporting MFast in its next growth phase.
