MFast runs a large agent network and agent-facing app that enables users in rural and smaller Vietnamese cities to access bank accounts, loans, insurance and zero-interest appliance financing. Its agent app functions as a “mini-CRM,” and agents receive online training and offline workshops to sell financial products. The company reports 160,000 active agents and has served more than one million users in Vietnam to date. MFast integrates with financial institutions such as UOB, SHBFinance and TPBank and uses captured user data to build a credit scoring engine, sales engine and product strategy. The new funding will be used to develop proprietary technology and roll out features like Agent360, a credit scoring engine, an AI fraud detector and an end-user app. MFast plans to grow its agent base in Vietnam and expand internationally, starting with the Philippines next year. MFast is a mobile app that helps users in remote and rural areas of Vietnam access financial services. Launched in 2019 by fintech company DigiPay, the app has been used by 600,000 people to date. It partners with 11 financial institutions to offer loans and insurance, and reports distributing more than 50 billion VND in insurance products and 5,000 billion VND in financial products. Consumer credit partners include Mirae Asset, CIMB, Mcredit and Easy Credit; insurance partners include PVI, PTI and BSH. The company uses predictive machine learning to prequalify credit applicants and a data-driven engine to match insurance customers, and maintains a network of over 350,000 advisors. MFast says roughly 75–80% of its users are in remote provinces; it plans to use new funding to expand to more Vietnamese cities and provinces, develop its technology, add partners, and eventually enter other markets.

Total raised

$8M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2023