Headline Asia participates in USD 6m Series A for Vietnam’s MFast

MFast is a financial product distribution platform with a leading network of collaborators in Vietnam. The company successfully raised USD 6m in a Series A funding round led by Wavemaker Partners, with the participation of two new investors Finnoventure Fund I (managed by Krungsri Finnovate) and Headline Asia, along with other investors.

The previous round of investors included Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures. The MFast network of 160,000 collaborators works regularly to help connect reputable financial and insurance institutions with customers in all parts of the country, especially in second- and third-class cities. MFast will use its new capital to continue to expand operations and exploit the potential to distribute financial services across the country, with plans to expand to the region by 2024.

Vietnam is becoming an important factor in driving a strong consumer wave in Southeast Asia over the next 10 years thanks to its strategic location. With a population of 100 million, of which a large part is entering the middle class (currently 40% and expected to increase to 75% by 2030), the growth potential of Vietnam’s market is very large. However, access to financial products and services, such as loans and insurance, remains uneven across Vietnam’s provinces and cities. People in 17 tier-2 cities have difficulty accessing high-quality financial services and purchasing high-priced items at competitive prices through financial solutions.

MFast was launched in 2017 under the management of twin brothers Phan Thanh Long and Phan Thanh Vinh with years of experience in building and operating profitable businesses. Currently, MFast is present in all 63 provinces of Vietnam, providing advanced logistics technology and infrastructure as well as comprehensive training for collaborators. Through MFast, these collaborators are equipped with full knowledge of financial services and a dedicated app for collaborators to help them increase their income significantly.

Notably, in the first half of 2023, MFast saw tremendous growth with the number of collaborators earning a 62% increase over the same period last year. This significant increase confirms the platform’s attractiveness and effectiveness in connecting collaborators with financial services. Going forward, MFast is continuing to promote strong partnerships with prestigious domestic and international financial institutions such as UOB, SHBFinance, TPBank, VPBank, and Kasikorn Bank.

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