TẠP CHÍ ĐIỆN TỬ
MFast secures $6mln Series A funding led by Wavemaker Partners
Financial services distribution network has wrapped up its Series A funding round.
MFast, a Vietnamese financial services distribution network and a subsidiary of DigiPay JSC, successfully concluded its Series A funding round on August 29, securing a total of $6 million in investment.
The funding round was spearheaded by Wavemaker Partners and attracted the participation of new investors such as the Finnoventure Fund I (managed by Krungsri Finnovate) and Headline Asia. Existing investors, including Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures, also took part.
The raised capital will be strategically employed to expand MFast’s operational scope, aiming to fully tap into the potential of nationwide distribution. The company also envisions extending its influence beyond Vietnam’s borders by 2024.
“In the midst of a global funding winter, we are grateful for all our existing and new investors’ ceaseless support to achieve this funding milestone,” said MFast CEO Long Phan. “Our next big steps include fostering cooperation to design exclusive financial products for each and every customer segment, as well as gearing up for expansion to the Philippines in 2024.”
“With its strong agent base and initial focus on financial products, MFast has achieved impressive results,” said Ms. Phuong Tran, Principal at Wavemaker Partners. “Wavemaker is proud to strengthen our partnership with the company and support it as it enters its next phase of growth.”
“MFast is Vietnam’s first startup in which Finnoventure Fund I, managed by Krungsri Finnovate, has invested,” said Mr. Sam Tanskul, Managing Director of Krungsri Finnovate, a corporate venture capital arm under the Bank of Ayudhya (Krungsri); the fifth-largest financial group in Thailand. “MFast aligns perfectly with our strategic vision. It will strengthen its relationship with SHB Finance, Krungsri’s consumer finance business in Vietnam.”
Previously, in July 2022, MFast successfully raised $2.5 million in funding led by Ascend Vietnam Ventures, together with the participation of Wavemaker Partners and two previous investment funds, Do Ventures and JAFCO Asia.
