31/10/2024
BUSINESS: FOR PHILIPPINE EXPANSION Vietnamese fintech firm targets to raise $15-M
By Ehda M. Dagooc
A Vietnamese fintech (financial technology) firm is looking at raising US$15 million in its Series B financing round to accelerate its growth in the Philippine market.
“MFast is confident that its innovative fintech solutions, launched in the Philippines in April 2024 has 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.
Recently, the Asia Fintech Awards 2024 held in Singapore, recognized MFast as the “Startup of the Year”, and “Innovator of the Year” for MFast chief executive officer (CEO) Phan Thanh Long.
MFast impressed judges with its vision to serve underbanked populations through its network of 160,000 human agents. Their entry has proved perceptible benefits that made them stand out among the 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 that MFast has received underscore its commitment to excellence and serious pursuit of innovation in the Fintech landscape.
“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 crucial 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 claims 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.
