MFast, a cellular app that lets Vietnamese customers in distant areas entry monetary providers, introduced right now it has raised a $1.5 million pre-Sequence A. 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 thus far. The corporate informed TechCrunch that it at present has 11 monetary companions.
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 gives their providers by means of the app.
The corporate pre-qualifies candidates for credit score providers utilizing predictive machine studying algorithms to establish candidates with excessive dangers of defaulting on their loans, whereas its insurance coverage clients are matched with plans utilizing a data-driven engine.
The bulk, or about 75% to 80% of MFast’s customers are in distant provinces or rural areas, which the corporate says typically limits their entry to banking and credit-related providers.
The funding will likely 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.