MFast bags $6 million in Series A round

August 29, 2023 | 12:00

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Vietnamese financial product distribution platform, MFast, has secured $6 million in a Series A funding round led by Wavemaker Partners, with plans to expand into the Philippines in 2024.

MFast, a Vietnamese financial product distribution platform operating via a network of associates, has just successfully mobilised $6 million in its Series A funding round.

This round was led by Wavemaker Partners, and saw participation from new investors including the Finnoventure Fund I, managed by Krungsri Finnovate, and Headline Asia. Previous backers such as Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures have also continued their support.

The MFast platform boasts an extensive network comprising 160,000 regular associates. These partners bridge financial and insurance institutions with customers across Vietnam, especially in second and third-tier cities. On its official website, MFast clarified its operational model, and is keen to distinguish itself from multi-level marketing schemes.

Phan Thanh Long, CEO of MFast stated, "Going forward, we aim to bolster our collaborations with financial institutions to tailor financial products for every customer segment. Additionally, we are gearing up for an expansion into the Philippines in 2024."

MFast is a trademark of DigiPay Corporation, a fintech startup in Vietnam. The company was launched in 2017 and is steered by twin brothers, Phan Thanh Long and Phan Thanh Vinh. Remarkably, MFast now has a presence in all 63 provinces of Vietnam.

Krungsri Finnovate, the entity managing the Finnoventure Fund I, is an investment arm of Ayudhya Bank, Thailand's fifth-largest financial conglomerate. The fund, established in 2021, targets investments in companies from Series A onwards in Thailand and Southeast Asia, focusing on fintech firms, e-commerce, automotive technology, and startups that emerged post-pandemic.

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By Tri Lam

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