Hanoi, 17 November 2022 - F88 Business Joint Stock Company has successfully raised a secured loan of USD 50 million, equivalent to VND 1,200 billion, from Lending Ark Asia Secured Private Debt Funds advised by CLSA (Capital Partners (HK) Limited (“Lending Ark”) and an additional USD 10 million, equivalent to VND 240 billion, from Lendable. This is Lending Ark's first investment with F88. F88 is the second company in Vietnam that has received investment from Lending Ark. F88 will use this financing to grow its loan book and develop its distribution network.
Lending Ark is a market leader in Asian secured private credit and has been an early investor in
the consumer finance market in Vietnam and F88’s business performance which includes
building its human resources of more than 5,000 people and serving millions of customers as
as well as the quality of F88’s loan book. In the first nine months of 2022, F88 has grown up to
146,4% compared to the same period last year. The loan book quality was well controlled and
remained stable even during the Covid-19 pandemic. In addition, the continued development of
F88’s distribution network, resulting in 300 new points of sale in 2022 has helped F88 reach its
target of 800 stores by October 2022. Ms. Carol Lee Park, a Managing Director of Lending Ark,
said: “Lending Ark is proud to support F88 in serving millions of unbanked and underbanked
citizens and promoting financial inclusion in Vietnam. We look forward to working with F88 as
a strategic financing partner to help the company achieve its long term growth goals.”
This is the second loan that Lendable, through its financial investment fund, has extended to F88, demonstrating its confidence in F88’s operations and future prospects. The first loan of USD 10,000,000 was disbursed in early 2022. The new facility for an additional USD 10,000,000 brings the total amount to USD 20,000,000. The facility will also be used for growing F88’s business.
From the beginning of 2022, F88 has successfully raised USD 70 million from two major
international financial institutions in Asia and Europe. F88's goal is to IPO in 2024, when the number of POS will reach 1,400, and the business capitalization will reach USD 1 billion.
The slowdown in corporate bond issuances in Vietnam has made it more difficult for many
businesses to raise capital. F88’s management recognized this trend early on and has developed its business by using alternative and diversified sources of financing.
F88 was established in 2013 as Vietnam’s largest-scale personal financial service provider. F88’s services are quick, easy, transparent, and suitable for many customers, especially unskilled workers, small businesses, and those not eligible for loans from banks or credit institutions. Currently, F88 is a convenient financial store chain based upon the principle of “multi-services, one destination” with 800 offices in 63 cities and provinces providing a variety of personal financial services such as loans, insurance, bill payment, deposits and withdrawals and e-wallet money transfer.
In 2021, F88 has officially become a partner of MWG (Thế Giới Di Động) with over 3000 points
of sale, this cooperation promises to bring many convenient experiences for everyone in financial matters.
In 2022, F88 was rated BBB – Stable Potential by FiinRatings. In 2022, F88 was ranked the highest level by Smart Campaign for the second Customer Protection certificate in 2022-2025.
About CLSA Capital Partners and Lending Ark:
CLSA Capital Partners is the alternative investment management platform of CLSA, Asia’s
leading capital markets and investment group. Established in 1995, CLSA Capital Partners
manages a diversified range of strategies including private equity, real estate, credit and
transportation and real assets. From nine offices across the region-Beijing, Hong Kong, Mumbai, Seoul, Singapore, Shanghai, Sydney, Tokyo and London, the firm’s experienced investment teams aim to generate attractive returns for clients while ensuring sustained value creation for portfolio companies and investment partners.
Lending Ark Asia Secured Private Debt (“Lending Ark”) is a market leading private credit
strategy of CLSA Capital Partners based in Hong Kong managing over USD 1.1 billion. Lending
Ark invests in secured private debt opportunities backed by performing asset collateral across
Asia, Australia and New Zealand.
Lendable is a leading debt finance provider to fintech companies across frontier and emerging
markets that creates access to new financial products and services for un- and under-banked
populations. Lendable finances fintech companies that facilitate consumer and MSME credit,
productive asset finance, payments, remittances, and digital marketplaces. From its offices in
Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions. To date, Lendable has disbursed over $300m to FinTechs in over 14 countries.
For details, please contact:
Mr. Dinh Gia Trung
In charge of Press Release