MFast, a Vietnamese fintech specializing in agent-based financial services, closed a $6 million Series A round in August 2023 led by Wavemaker Partners, with participation from Finnoventure Fund I (managed by Krungsri Finnovate), Headline Asia, and existing backers including Do Ventures, JAFCO Asia and Ascend Vietnam Ventures. The round brought the company's total capital raised to approximately $10 million since its 2017 founding—a modest sum, but one targeted at a sprawling challenge in Southeast Asian financial inclusion.
As of August 2023, MFast counted 160,000 active agents serving over a million users across Vietnam. The numbers reflect the scale of opportunity: as of 2024, roughly 30 percent of Vietnam's adult population remained unbanked, according to World Bank Global Findex data. In the Philippines, where MFast has since expanded, that figure hovers near 50 percent. Traditional bank branches simply can't reach these rural populations profitably, leaving a gap that companies like MFast aim to fill through technology-enabled intermediaries.
Building a Financial Services Army
MFast's model relies on a network of agents who connect consumers to loans, credit cards, bank accounts and insurance products from partners including UOB, Kasikornbank, SHB Finance, TPBank and VPBank. The agents don't just facilitate signups. They also arrange delayed-payment sales of appliances and electronics, earning commissions that can reach 40 percent of product value, according to the company's Google Play listing.
The startup equips its agents with a mobile app that doubles as a mini-CRM system, complete with training modules and support for offline workshops. By the time of the Series A announcement, MFast had established coverage across all 63 provinces in Vietnam, as reported by The Investor VN—a geographic footprint that speaks to the company's ambitions in underserved markets.
Twin brothers Phan Thanh Long and Phan Thanh Vinh, who co-founded the company, drew on personal experience. "Having lived in both rural and urban areas, we witnessed firsthand the difficulties people face in getting access to formal financial services," Long Phan, who serves as CEO, told TechCrunch at the time of the raise.
TechStack and Expansion Plans
MFast earmarked the Series A proceeds for proprietary technology development, including an Agent360 profile portal, a credit scoring engine, an AI-powered fraud detector and an end-user app. The company also set its sights on a Philippines launch, which materialized in May 2024 according to Esquire Philippines. MFast inaugurated a Quezon City office on February 27, 2025, joining existing locations in Ho Chi Minh City, Hanoi and Manila's Makati district.
"We have witnessed an overwhelming demand in the financial sector... led to the opening of this new office in the Philippines," Long Phan said at the opening, hinting at traction that the company has not quantified publicly.
Wavemaker Partners' principal Phuong Tran praised MFast's early performance in the 2023 announcement. "With its strong agent base and initial focus on financial products, MFast has achieved impressive results," Tran said. Sam Tanskul, managing director at Krungsri Finnovate, positioned the investment within a broader economic narrative: "By bridging the gap and extending financial access, we not only empower individuals but also contribute to sustainable economic growth."
Funding Trajectory and What's Next
Before the Series A, MFast raised $1.5 million in a pre-Series A led by Do Ventures in June 2021, followed by a $2.5 million round led by Ascend Vietnam Ventures in July 2022. The company has won recognition beyond its cap table: at the Asia FinTech Awards 2024, MFast took home Startup of the Year honors, while CEO Phan Thanh Long was named Innovator of the Year.
DealStreetAsia reported in November 2024 that MFast was targeting a $15 million Series B to fuel further Philippines expansion. The company has not announced a close. In materials related to those fundraising plans, MFast disclosed audited revenue of $4.2 million for 2023—a figure that offers some insight into the company's financial trajectory, though profitability remains unclear.
Whether MFast can translate its Vietnam playbook into sustained growth across Southeast Asia will likely depend on how well its agent network scales in markets with different regulatory environments and competitive dynamics. For now, the company is betting that its boots-on-the-ground approach can bridge a gap that digital-only fintechs have struggled to cross.
