Day: June 21, 2021

MFast, a fintech platform that enables Vietnamese to access, use and introduce financial and insurance service packages, has secured US$1.5 million in pre-Series A round of investment.

Led by early-stage VC firm Do Ventures, the round also saw participation from JAFCO Asia.

According to Phan Thanh Vinh, CTO and co-founder of MFast, the money will be deployed to expand its coverage to more cities and provinces across Vietnam to help people easily access financial services.

Also Read: Naver, Sea, Vertex invest in Vietnamese VC firm Do Ventures’s US$50M fund I

The firm will also continue to invest in technology to enhance customer experience, focus on widening its partner network, and scale to regional emerging markets in the near term.

While financial services are widely offered in the urban areas, 70 per cent of Vietnam’s population has limited or no access to banking and related credit services. The narrow coverage of service delivery points in remote areas is one of the main barriers.

MFast, owned and operated by DigiPay, is tackling this pain point by leveraging technology and a nationwide financial advisors network. The mobile app connects the underserved populations with financial and insurance institutions to ensure that everyone has access to basic financial services, thereby helping people improve livelihood opportunities, manage risks, and sustainably increase life quality.

Through data analysis, the platform ensures customers are matched with financial services that best suit their needs and affordability, thus reducing bad debt and fraud rates for its partners.

Launched in mid-2019, MFast said it has helped nearly 600,000 users to access financial and insurance services from reputable institutions. Its insurance arm has helped insurance companies distribute more than VND 50 billion worth of products to customers.

Also Read: 500 Startups’s top execs set up new seed-stage VC firm Ascend Vietnam Ventures

About 75-80 per cent of MFast’s end-users come from remote provinces and rural areas.

The insurtech firm’s financial partners include Mirae Asset, CIMB, Mcredit, EasyCredit as for consumer credit, and PVI, PTI, BSH as for insurance.

Le Hoang Uyen Vy, General Partner of Do Ventures, said: “MFast unlocks essential financial and insurance products for every individual in Vietnam thanks to an extensive network of financial advisors. Based on data analysis and constantly expanding its network of advisors, MFast provides customers with tailored and safe financial services, creating stability for the whole market while limiting risks of fraud and bad debt to achieve sustainable benefits for industry partners.”

Phan Thanh Long, CEO and co-founder of MFast, said: “In the very near future, our product ecosystem will expand to many other practical areas. We hope to create benefits for both the consumer and financial system, contributing to the sustainable development of the whole economy.”

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Hugo, a Singapore-based digital wealth and savings app, has secured US$2 million funding from 1982 Ventures and prominent family offices and angels.

The startup will use the money to continue to enhance offering with new customer-driven products and services.

It is also exploring market expansion in several geographies in Southeast Asia and outside the region with local partners.

Founded in 2019 by David Fergusson (CEO), Ben Davies (COO), and Braham Djidjelli (CPO), Hugo positions itself to be a wealthcare app.

The app boasts of four features:

1- Spend Account: A Hugo account is automatically set up upon customer signup and they can order their Hugo Platinum Visa Debit Card directly on the app. All Hugo accounts are safeguarded within DBS Bank.

Also Read: MFast nets US$1.5M to connect underserved Vietnamese with financial and insurance firms

Customers may load money into their Hugo account from any bank account in Singapore, and then use their Hugo Debit Card to make purchases from this account.

The Hugo Platinum Visa Debit Card is a numberless card, designed to reduce fraud risk and ensure safety of transactions. Customers can securely access their card details and PIN within the Hugo app itself.

2- Gold Vault: Hugo customers can now make gold a part of their regular savings plan. They can buy or sell gold for as low as SGD0.01 and check live gold prices to make their trade decisions at their fingertips.

At a nominal fee of 0.5 per cent per transaction, Hugo aims to make investing in gold easy and friendly for all. Hugo customers can also set a monthly schedule for the desired amount to ensure they invest in gold consistently.

The gold in the Hugo Gold Vault is physical gold allocated against customers’ investments stored in an accredited LBMA (London Bullion Market Association) vault and insured by Lloyds of London.

3- Roundup: It helps Singaporeans build their savings without sacrificing on the things they love. Every transaction on a Hugo Visa Platinum card is rounded up to the nearest dollar with the difference saved into Roundup. Hugo calls it ‘Silent Savings’ as customers can generate savings effortlessly even as they spend. The weekly roundup savings are then automatically invested into real physical gold via the Hugo Gold Vault.

4- Money Pots: It allows customers to actively save for their short-, medium- and long-term financial goals. Customers can create any number of Money Pots, set timelines for each goal and choose the amount they would want to save every month in each of their Money Pots.

As per a press release, the startup plans to launch more features to help consumers optimise their budgeting, savings and investing habits to ensure financial wellbeing.

Herston Powers, Managing Partner, of 1982 Ventures said: “Hugo is democratising access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”

Also Read: ‘Access to institutional VC funding is a major concern in Philippines’: Herston Powers of 1982 Ventures

Scott Krivokopich, Managing Partner, of 1982 Ventures, added: “Hugo is proving that fintech startups will win the digital banking race in Southeast Asia by launching the first wealthcare app in Singapore. The founders have a long and deep history in the region with roots that trace back to the 1930s in Singapore. Hugo has the banking and regulatory experience required to protect customers and grow a sustainable business.”

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Image Credit: Hugo

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