Vietnam-based financial technology (fintech) firm MFast is targeting to raise about $15 million in its Series B funding round to further expand its presence in the Philippines.
The fintech firm raised $6 million last year in a Series A funding round anchored by Wavemaker Partners. It also raised $2.5 million in 2022 in a round led by Ascend Vietnam Ventures.
MFast entered the Philippines earlier this year to tap into the country’s robust digital financial potential.
“MFast is confident that its innovative fintech solutions, launched in the Philippines in April 2024 have resonated and will continue to resonate with the Philippine audience,” said MFast Philippines general manager Carol Lao.
MFast was set up in 2017 by founders Phan Thanh Long and Phan Thanh Vinh. The firm claims to have 160,000 active agents serving customers’ needs in Vietnam, especially in tier-2 and tier-3 cities.
In the Philippines, MFast operates on a ‘Learn-Practice-Earn’ framework, which will accelerate digital inclusion and allow Filipinos to access lucrative careers as sales agents.
Long Phan, the company’s CEO, said MFast could drive financial literacy and inclusion in remote areas, which are normally excluded from joining the financial systems due to their locations, with its tech-based agent banking.
A survey conducted by the BSP in 2020 showed that the Philippines has among the lowest banking penetration in Southeast Asia, as the number of unbanked Filipino adults was estimated at 51.2 million out of a total adult population of 72 million in 2019.
Most recently, OneLot, a lending fintech startup based in the Philippines, has announced raising $4 million in a pre-seed funding round led by global tech investment firm 468 Capital. The round also saw the participation of Kaya Founders, Crestone Venture Capital, 21yield, Founders Launchpad, and angel investors, per the announcement.
