Fintech startup Mfast has raised $1.5 million in its Pre-Series A funding from a group of investors led by Do Ventures.
Mfast is a fintech platform that enables Vietnamese to access, use and introduce financial and insurance service packages as well as other product segments.
After three years of operations in Vietnam, it has served nearly 600,000 users, with 75-80 percent of its end-users coming from remote provinces and rural areas.
The amount disbursed to its financial partners has climbed to more than VND5 trillion ($217 million).
Mfast’s mobile app claims to connect the underserved populations with financial and insurance institutions to give them access to basic financial services.
Amy Do, investment manager of JAFCO Asia, a co-investor in the round, said that the fund had made the decision because of the great potential of the consumer credit and insurance market in Vietnam, as shown in the solid traction of the company despite the ongoing pandemic.
Do Ventures is a $50 million early-stage venture capital fund that serves as a strategic partner for startups.