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Vietnamese monetary providers app MFast will get $1.5M pre-Collection A led by Do Ventures

MFast founders Phan Thanh Lengthy and Phan Thanh Vinh

MFast, a cellular app that lets Vietnamese customers in distant areas entry monetary providers, introduced it has raised a $1.5 million pre-Collection A right now. The spherical was led by Do Ventures, with participation from JAFCO Asia. 

Launched in 2019 by fintech firm Digipay, MFast says it has been utilized by 600,000 individuals so far. It companions with monetary establishments who present providers like loans and insurance coverage, and says it has been used to distribute greater than 50 billion VND (about $2.2 million USD) value of merchandise up to now.

Do Ventures launches $50 million fund for Vietnamese startups, backed by Naver, Vertex and different notable LPs

The bulk, or about 75% to 80% of MFast’s customers are in distant provinces or rural areas, which the corporate says usually limits their entry to banking and credit-related providers. 

The funding might be used to increase MFast to extra cities and provinces in Vietnam, develop its know-how and accomplice with extra establishments. MFast additionally plans to enter different markets sooner or later. 

MFast’s client credit score companions embrace Mirae Asset, CIMB, Mcredit and Straightforward Credit score, and its insurance coverage companions embrace PVI, PTI and BSH. It claims to have a community of greater than 350,000 advisors, who presents their providers by means of the app, and that its knowledge evaluation instruments are capable of scale back dangerous debt and fraud charges. 

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