Finnoventure Fund I, under the management of Krungsri Finnovate Co., Ltd., is investing in MFast, a leading fintech startup that develops a banking service platform in Vietnam. The fund joined Series A funding round with participation from other five foreign investors, that raised a total of US$6 million.
Mr. Sam Tanskul, Managing Director of Krungsri Finnovate Co., Ltd., said: "Vietnam put cities in different tiers. Accessibility to financial products and services in most second-tier and third-tier cities is rather limited compared to large cities. MFast saw this opportunity and developed a tech-enabled platform. It educated and trained agents across the country so that they can offer the financial products and services that suit the needs of customers in those second-tier cities."
Mr. Long Phan Thanh, Co-Founder and Chief Executive Officer of MFast, said: "In light of tough startup investments, we're delighted to secure supports from a new investor like Finnoventure Fund I that is managed by Krungsri Finnovate and helped us successfully wrap up the fund-raising round. MFast will take another important step. We will strengthen the collaboration to come up with financial products that are more suitable and aligned with each customer segments. At the same time, we will proceed with our business expansion plan, to venture into the Philippines in 2024."
"MFast is the first overseas startup securing funds from Finnoventure Fund I. The investment is aligned with the fund management strategy. We see its potential and high-growth opportunity. Thanks to strong network and close relationship with partner financial institutions in Vietnam including SHB Finance, a consumer finance business under Krungsri Group. MFast can unlock Vietnamese consumers' access to financial products and services. We're expanding into the Philippines. We're confident that opening the doors to suitable financial services will not only enhance people's capabilities but also promote economic growth in a sustainable manner."
Finnoventure Fund I has so far invested in 10 startups with more than 600 million baht in investments. The fund plans to expand the portfolio with 5-6 more startups this year.
Source: Bank of Ayudhya