A VIETNAMESE fintech company is aiming to raise US$15 million in its Series B funding round to drive its expansion in the Philippine market.
“MFast is confident that its innovative fintech solutions, launched in the Philippines in April have resonated and will continue to resonate with the Philippine audience. The twin founders Long and Vinh Phan are eager to introduce more of MFast’s industry-leading technologies to this new market,” said MFast Philippines general manager
Carol Lao.
MFast is an agent banking aggregator platform that allows users in underserved communities to access financial services.
At the recent Asia Fintech Awards 2024 in Singapore, MFast was honored as “Startup of the Year,” while MFast chief executive officer Phan Thanh Long received the “Innovator of the Year” award.
MFast impressed the judges with its commitment to serving underbanked populations through a network of 160,000 human agents. Their entry demonstrated clear benefits, setting them apart from other strong finalists.
“We take great pride in announcing that MFast has been honored with two prestigious awards, further solidifying our position as a pioneer in the financial technology industry,” Long Phan said.
The awards MFast received signifies its dedication to excellence and its strong commitment to driving innovation in the fintech industry.
“Learn-Practice-Earn”
“MFast operates on a ‘Learn-Practice-Earn’ framework, empowering individuals to become versatile agents in finance, banking and insurance. This model spans Luzon, Visayas and Mindanao regions and is now aimed at embracing a movement towards greater financial freedom and security in the Philippines. This mission will translate into inclusive economic growth for the Philippines,” Long Phan added.
MFast’s platform provides services in finance, banking and insurance to its users. It also leverages new technologies such as AI (artificial intelligence) to maintain high integrity and trust within its network.
Founded by twin brothers Thanh Vinh Phan and Thanh Long Phan from Binh Phuoc, a rural Vietnamese town, MFast is driven by a mission to address the financial challenges prevalent in underserved communities — a struggle the founders witnessed growing up.
According to Phan with its tech-based agent banking, MFast could drive financial literacy and inclusion in remote areas, which are normally excluded from joining in the financial systems due to their locations.
The Philippine launch follows a Series A funding round in August 2023 in which MFast was able to raise $6 million (about P345 million). The round was led by Wavemaker Partners LLC, a Southeast Asian venture capital firm led by Filipinos Paul Santos and Eric Manlunas.
In Vietnam, MFast is said to be the largest sales agent network for financial services, leveraging the learn-practice-earn framework for its agents. The platform spans all 63 provinces, employing a vast network of agents who bridge the gaps in traditional field sales models.
source
https://www.sunstar.com.ph/cebu/mfast-plans-15m-funding-to-scale-up-fintech-innovations-in-ph#google_vignette