F88, a secured lending provider and insurance distributor in Vietnam, has raised US$10 million in debt financing from Lendable, marking the London-based impact debt provider’s first investment in the Southeast Asian country.
This facility comes three months after the fintech startup sold VND100 billion (~US$4.3 million) worth of bonds to individual investors and a domestic securities investment fund to fuel its expansion of pawnshops.
F88 aims to serve unbanked and under-banked individuals and MSMEs in Vietnam better with the latest funding. It plans to disburse half a billion US dollars in 2022.
Also read: All you need to know about the fintech boom in Vietnam
Established in 2013, F88 renovates the traditional pawn shop model in Vietnam’s alternative lending sector to provide borrowers credit access with inexpensive, transparent, and quick financial services.
Its offerings include secured loans, insurance, utility bill payment, money transfer, and e-wallet deposit and withdrawal services.
F88 claims to have achieved profitability since 2019 with a network of 525 shops across 60 provinces nationwide (as of December 2021).
It has also expanded beyond F88-branded stores to bring its services throughout a network of nearly 4,000 F88 shops and stores of retailers and tech partners.
F88 stated that it recorded a 113 per cent revenue growth and a loan book growth of 70 per cent in 2021.
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Image Credit: F88
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