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Vietnam-based fintech startup MFast has raised US$ 1.5 million in a pre-Series A funding round led by Do Ventures, a venture capital firm operating in Vietnam, on 21 June 2021.

Investors: The pre-Series A funding round featured Do ventures as lead investor and JAFCO Asia as co-investor.

Purpose of the Funding: MFast will use the fresh funds to expand its coverage across more cities in Vietnam, invest in technology to enhance customer experience, broaden its partner network, and scale to regional emerging markets.

About MFast

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Established in 2018 by DigiPay, MFast enables clients to dispense financial services, such as providing loans and insurance and earning commissions from the dealings. The company, led by Phan Thanh Vinh and Phan Thanh Long, links the underprivileged section of the society with economic and insurance institutions such that essential financial services are available to all. The Vietnam-based firm has reached almost 600,000 users through its 350,000 agents. It has disbursed more than US$216.3 million in loans and distributed more than US$2.1 million worth of insurance products. In addition, the startup has joined hands with eminent corporates that offer financial services such as Mirae Asset, CIMB, Mcredit, and EasyCredit for credit financing products. As far as insurance products are concerned, it has partnered with PVI, PTI, and BSH.

What the CEO has to say: “MFast envisages becoming the central platform that works for financial inclusion of Vietnamese people from all backgrounds. Shortly, our product domain will diversify to other select groups. We seek to increase the benefits for both the consumer and financial market by working towards sustainable development of the Vietnamese economy.”- Phan Thanh Long, CEO and Co-founder of MFast.

What the Investors have to say: “MFast offers a variety of products for each person in Vietnam through support from a hardworking team of financial advisors. MFast is committed to providing customers with customized and secure financial services, building a balanced market to attain sustainable gains for business associates.”- Le Hoang Uyen Vy, General Partner of Do Ventures. “The motivation behind financing MFast is the company’s capability to formalize the finance and insurance ecosystem in Vietnam. The fund manager was satisfied by the founding team’s abilities and determination to modernize the dispensation of financial and insurance services to more individuals in Vietnam.”- Amy Do, Investment Manager of JAFCO Asia.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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