F88, a Vietnam-based financial services startup, said it has secured a loan of $50 million from Lending Ark, plus an additional $10 million loan from Lendable.
- Launched originally as a pawnshop business in 2013, F88 offers vehicle title loans, distribution of life and non-life insurance, bills payment, mobile money, and e-wallet top-ups to people who have no or limited access to banking services in Vietnam
- In a statement, the startup said that the new funds will be used to grow its loan book and develop its distribution network. The startup currently has 800 locations across the country and plans to reach 1,400 locations by 2024 when it could go for an IPO.
- In 2021, it established a partnership with Mobile World, Vietnam’s largest electronics retailer, to allow customers to acquire quick loans to finance their electronics purchases.
- Between Q1 to Q3 2022, F88 says its loan book has grown 246.4% compared to the same period in 2021.
- Earlier this year, the fintech firm secured a US$10 million loan facility from Lendable, which marked the debt finance provider’s first deal in Vietnam.