Vietnam's MFast brings financial services to rural areas with $6 million in Series A funding

The cloud-based platform features an agent app that serves as a "mini-CRM" for agents.

MFast, Vietnam’s leading financial services distribution network, has risen $6 million in its Series A funding round led by VC firm Wavemaker Partners. The financing will be used to expand the company’s footprint in the Southeast Asian country and enable it to further build its agent network while developing its own proprietary technology. The cloud-based platform features an agent app that serves as a "mini-CRM" for agents. They mainly come on board by referral. According to Long Phan, co-founder of MFast, onboarding is designed to take four minutes. MFast differentiates itself with its partner institutions, which include UOB, TPBank, and SHBFinance, as well as its growing menu of exclusive products.

 Its more than 160,000 active agents work across Tier 2 and Tier 3 cities in the country, the vast majority of which lack financial access. The platform provides rural customers with loans, credit cards, insurance, and home appliances from brands such as Samsung and LG. Phan said he and his twin brother Vinh, who co-founded the firm, launched the fintech venture to help both agents and customers gain better access to financial services in Vietnam. The startup has plans to expand beyond the country next year, starting with the Philippines. Its latest financing round brings its total funding to $10 million.