Vietnam-based FinTech company MFast has reportedly collected $2.5m in its latest funding round.
The capital injection was led by Ascend Vietnam Ventures, with participation also coming from Wavemaker Partners, JAFCO Asia and Do Ventures, according to a report from technode.global.
With the funds, the company plans to hire more staff for its team, including the technology, marketing and sales divisions. Capital will also be used to upgrade its platform, grow its agent network and deploy new business models.
Alongside this, the company plans to expand into other Southeast Asian countries.
MFast is a mobile app that aims to help consumers improve their income. Users perform online jobs available through the app and receive commission from doing the work. Examples of jobs include, selling scratch cards, guiding customers to open online bank accounts, selling bus tickets, selling non-life insurance and helping introduce customers that need a loan.
MFast CEO and co-founder Phan Thanh Long told technode.global, ?With a nationwide agent network, MFast reaches underserved populations, helping them overcome challenges in accessing financial services and breaking down prejudice towards insurance a crucial aspect of a developed society. At the same time, we create benefits for our agents and partners,
?MFast provides agents opportunities to earn extra income while helping partners expand the insurance and financial services in the peripheral and rural areas.
Last year, MFast raised $1.5m for its pre-Series A funding round, which was led by Do Ventures.
Earlier in the year, fellow Vietnam-based FinTech company Timo secured $20m in a funding round. The company claims to be the first digital bank in the country.
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