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The company said the investing consortium comprised Ascend Vietnam Venture, Wavemaker Partners, Do Ventures, and JAFCO Asia.
The app connects insurance and financial institutions with a network of promoters to provide services to rural people and those without much experience of working with banks or insurers.
Launched in September 2020, the fintech startup has garnered over 600,000 users (80 percent in rural areas) and 90,000 agents.
Mfast will allocate the newly raised money to its data analysis system to speed up the appraisal process.
It also eyes expansion to the Philippines and Thailand.
Nguyen Ngoc Huong Thao, senior investment manager at Ascend Vietnam Ventures, listed the app’s market potential, capable management team and positive impact on society as reasons for the investment.
