MFast, a financial services distribution network in Vietnam, has concluded its Series A funding round, led by Wavemaker Partners. The round also saw participation from new investors Finnoventure Fund I, managed by Krungsri Finnovate, and Headline Asia, along with existing investors Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures, the company said in a statement.

MFast’s platform empowers 160,000 active agents to serve a multitude of customers’ needs, especially in tier-2 and tier-3 cities.

Vietnam’s strategic positioning makes it a key player in driving a robust consumption wave for Southeast Asia over the next decade; and MFast will utilize the funds to further expand its operations and unlock the potential of nationwide distribution, with a plan to extend its presence outside the country by 2024. With a substantial portion of its 100 million population entering the middle class (currently 40 percent, expected to rise to 75 percent by 2030), there is immense potential for growth.

However, access to goods and financial services, such as loans and insurance, remains uneven across Vietnam’s cities and provinces as financial institutions and brands are not incentivized to invest in physical retail branches there.
Residents in 17 tier-2 cities face challenges in accessing high-quality financial services and purchasing high-ticket items at competitive prices with financing options.

“In the midst of a global funding winter, we are grateful for our existing and new investors’ relentless support to achieve this funding milestone. Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment, as well as gearing up for expansion to the Philippines in 2024,” said MFast CEO Long Phan in a statement on Tuesday.

MFast was launched in 2017 by twin brothers Long Phan and Vinh Phan, who have had years of experience in building, operating, and exiting profitable businesses. Currently, MFast is present in all of Vietnam’s 63 cities, providing advanced technology and logistical infrastructure, and comprehensive training to empower 160,0000 active agents. Through MFast, these agents acquire a deep understanding of financial services and are provided with a full-fledged agent app to earn significant supplementary income.

Notably, the platform has witnessed remarkable growth, with a 62 percent increase in the number of earning users during the first half of 2023, as compared to the same period in 2022. This significant surge underscores the platform’s appeal and effectiveness in connecting users with valuable financial services. Furthermore, MFast has fostered strong partnerships with prestigious international and local financial institutions such as UOB, SHBFinance, TPBank, VPBank, and Kasikorn Bank.

“With its strong agent base and initial focus on financial products, MFast has achieved impressive results. Wavemaker is proud to strengthen our partnership with the company and support it as it enters its next phase of growth. MFast aims to broaden its reach by distributing impactful, high-value products to tier-2 and tier-3 customers while bolstering agents’ income potential. Given the challenges posed by post-deflationary measures on the Vietnam economy, MFast’s timely and essential solution benefits all stakeholders involved: brands, agents, and customers,” said Phuong Tran, Principal at Wavemaker Partners.

MFast is a brand of DigiPay JSC., a startup operating in the field of financial technology (Fintech) in Vietnam. MFast provides a marketplace and an effective sales channel in the finance & insurance field, offering outstanding advantages of a qualified agent network with nationwide coverage.

MFast users fulfill the role of all-in-one agents, serving the demands of the community for finance, banking and insurance products. Equipped with our Learn – Practice – Earn framework, anyone, in any field, can create income and develop their career through financial selling practice on MFast app.

As of August 2023, MFast has built a network of more than 160,000 active agents and introduced financial services packages to more than a million people in Vietnam. MFast aspires to become a leading fintech platform in Vietnam, with a comprehensive portfolio of solutions for anyone seeking to become financial agents.

Vietnamese fintech startup MFast raises $2.5M funding led by Ascend Vietnam Ventures