Vietnam Fintech MFast Raises US$6 Million to Fund Philippines Expansion
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Vietnamese financial services distribution platform MFast has raised US$6 million in Series A funding to expand its agent network and launch operations in the Philippines.
Venture capital firm Wavemaker Partners led the round, with new participation from Tokyo-based Headline Asia and Thailand-based Finnoventure Fund I, managed by Krungsri Finnovate. Existing backers Do Ventures, Jafco Asia and Ascend Vietnam Ventures also joined the equity injection.
Distribution beyond major metros
MFast operates as a unit of Vietnam-based startup DigiPay, founded in 2017 by twin brothers Phan Thanh Long and Phan Thanh Vinh. The platform functions as an agent-driven marketplace selling insurance policies, consumer loans and banking products to retail customers.
The business model relies on individual sales agents rather than physical storefronts. Traditional lenders and commercial brands routinely avoid opening physical branches in lower-tier cities such as Hue due to high real estate and operational costs. MFast uses mobile software to turn local individuals into commissioned sellers, bridging that retail gap.
By August 2023, the network had grown to 160,000 active agents operating across all 63 cities and provinces in Vietnam. The company said it has connected more than one million consumers to financial products, while the number of income-earning agents rose 62 per cent year-on-year in the first half of 2023.
Regional banking ties
Consumer finance distribution in Southeast Asia has increasingly pivoted toward hybrid agency networks. Pure digital lending apps frequently face elevated default rates and high user-acquisition costs outside major capitals, making on-the-ground agent validation a practical distribution channel for commercial banks targeting lower-tier consumer markets.
The startup has established distribution partnerships with international and regional lenders, including Singapore’s UOB, Thailand’s Kasikornbank, and SHB Finance, the Vietnamese consumer finance unit controlled by Thailand’s Bank of Ayudhya.
MFast will use the capital to design bespoke credit products for segmented customer groups before launching its agency distribution model in the Philippines in 2024.