Mfast Concludes Series A Funding Led by Wavemaker Partners

Wavemaker Partners led the Series A funding round for MFast, a financial services distribution network in Vietnam. The round also included new investors Finnoventure Fund I, managed by Krungsri Finnovate, and Headline Asia, as well as existing investors Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures, according to the company.

The MFast platform enables 160,000 active agents to serve a wide range of customer needs, particularly in tier 2 and tier 3 cities.

Vietnam’s strategic positioning makes it a key player in driving a robust consumption wave for Southeast Asia over the next decade; and MFast will utilize the funds to further expand its operations and unlock the potential of nationwide distribution, with a plan to extend its presence outside the country by 2024. With a substantial portion of its 100 million population entering the middle class (currently 40 percent, expected to rise to 75 percent by 2030), there is immense potential for growth.

Access to goods and financial services, such as loans and insurance, remains uneven across Vietnam's cities and provinces, however, because financial institutions and brands are not incentivized to invest in physical retail branches there.

Residents in 17 tier-2 cities face difficulties in obtaining high-quality financial services and purchasing expensive items at competitive prices with financing options.

"In the midst of a global funding winter, we are grateful for the unwavering support of our existing and new investors in achieving this funding milestone." "Our next big step will be to foster collaboration to design exclusive financial products for each and every customer segment, as well as to prepare for expansion to the Philippines in 2024," said MFast CEO Long Phan in a statement on August 29.