The funding will fuel MFast's expansion within Việt Nam and its plan to extend internationally by 2024. — Photo courtesy of MFast

Việt Nam's financial services distribution network MFast on Tuesday announced it successfully concluded a US$6 million Series A funding round led by Wavemaker Partners. New investors, including Finnoventure Fund I and Headline Asia, joined existing investors Do Ventures, JAFCO Asia and Ascend Vietnam Ventures.

The funding will fuel MFast's expansion within Việt Nam and its plan to extend internationally by 2024, capitalising on Việt Nam's role in driving Southeast Asia's consumption wave. With a growing middle class (40 per cent now, projected to be 75 per cent by 2030) and uneven access to financial services, MFast addresses challenges in 17 tier-2 cities.

MFast empowers 160,000 agents to serve customers' needs, particularly in tier-2 and tier-3 cities.

CEO Phan Thanh Long shared that MFast's goals include designing tailored financial products and expanding to the Philippines in 2024. Launched in 2017 by twin brothers Phan Thanh Long and Phan Thanh Vinh, MFast operates in all 63 Vietnamese cities, providing tech, training and infrastructure for agents.

Notably, MFast saw a 62 per cent user increase in the first half of 2023 compared to 2022, highlighting its effectiveness in connecting users to financial services. Partnerships with banks like UOB, SHBFinance and VPBank contribute to its success. Wavemaker Partners, Krungsri Finnovate and Headline Asia praised MFast's growth and impact.

Representatives from Wavemaker Partners, Krungsri Finnovate and Headline Asia all highlighted MFast's potential in empowering unbanked individuals and emphasised this bridges gaps in financial access, empowering individuals and contributing to sustainable economic growth. — VNS