Fintech startup Mfast raises $1.5 mln
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Fintech startup Mfast has raised $1.5 million in its Pre-Series A funding from a group of investors led by Do Ventures.
Mfast is a fintech platform that enables Vietnamese to access, use and introduce financial and insurance service packages as well as other product segments.
After three years of operations in Vietnam, it has served nearly 600,000 users, with 75-80 percent of its end-users coming from remote provinces and rural areas.
The amount disbursed to its financial partners has climbed to more than VND5 trillion ($217 million).
Mfast’s mobile app claims to connect the underserved populations with financial and insurance institutions to give them access to basic financial services.
Amy Do, investment manager of JAFCO Asia, a co-investor in the round, said that the fund had made the decision because of the great potential of the consumer credit and insurance market in Vietnam, as shown in the solid traction of the company despite the ongoing pandemic.
Do Ventures is a $50 million early-stage venture capital fund that serves as a strategic partner for startups.
Questions & Answers
Q.What is Mfast's core business model?
What is Mfast's core business model?
Mfast operates a fintech platform that helps Vietnamese individuals access, use, and introduce financial and insurance service packages. It also offers other product segments, connecting underserved populations with financial institutions through its mobile app.
Q.What impact has Mfast had since its launch?
What impact has Mfast had since its launch?
Since starting operations three years ago in Vietnam, Mfast has served nearly 600,000 users, primarily from remote provinces and rural areas. The company has also facilitated the disbursement of over VND5 trillion ($217 million) to its financial partners.
Q.Why did Do Ventures and JAFCO Asia invest in Mfast?
Why did Do Ventures and JAFCO Asia invest in Mfast?
JAFCO Asia's investment manager stated they saw great potential in Vietnam's consumer credit and insurance market. This decision was supported by Mfast's strong performance and traction, even amidst the ongoing pandemic, indicating a robust business model.
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