ICYMI fintech funding round-up: CredRight, MFast, Maly and OneID
At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up for you to get the latest funding news.
Indian fintech start-up CredRight has raised $9.7 million in debt and equity funding.
CredRight raises $9.7m
The equity funding round was led by the Dell Foundation, with participation from existing investors YourNest, Spearhead Capital, 9Unicorns and Accion Venture Lab.
The debt funding came from Blacksoil, Caspian Debt, RevX Capital and Western Capital.
Founded in 2016 and based in Hyderabad, CredRight operates a digital lending platform focused on micro and small businesses.
With the new funding, it plans to expand into new locations, build out its technology and help increase access to financing for small businesses.
Vietnamese fintech platform MFast has raised $6 million in a Series A funding round led by Wavemaker Partners, with participation from new investors Finnoventure Fund I (managed by Krungsri Finnovate) and Headline Asia, along with other investors.
Founded in 2017 and based in Ho Chi Minh City, MFast operates a tech-enabled agent banking network with the aim to democratise financial access to Vietnam’s underserved population. As of August, it claims to have built a network of more than 160,000 active collaborators and introduced financial service packages to more than 1 million Vietnamese citizens.
With the new funding, it plans to continue expanding its operations and aims to distribute financial services nationwide, with plans to expand regionally by 2024.
UAE-based financial wellness platform Maly has raised $1.6 million in a pre-seed funding round from a group of GCC-based angel investors.
Maly raises $1.6m pre-seed
Founded in 2022 and based in Dubai, Maly aims to improve financial wellness for people in the Middle East and North Africa (MENA) region by operating a savings app and Visa card which directly connects to UAE-based banks through its platform.
According to the start-up, about 60% of the population in its two target markets – UAE and Saudi Arabia – do not have any pensions or savings.
With the fresh funding, Maly aims to grow its business by utilising artificial intelligence (AI) technologies to improve its platform, establish partnerships and expand into new markets.
Bank-verified digital identity service OneID has secured £1 million in fresh funding from ACF Investors.
Founded in 2020, OneID provides an identity verification solution designed to eliminate physical identification documents and enable businesses and individuals “to digitally prove their identity instantly and anywhere”.
The company says the new funds will be used to “further develop its product and bolster its mission to make the world a safer place by helping people prove who they are online easily and securely”.
