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Tuesday, May 21, 2024

F88 secures US$60 million loan

The Saigon Times

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HCMC – Personal financial service provider F88 has secured a loan worth US$60 million, or nearly VND1.5 trillion, from two international financial organizations.

Of the total, US$50 million is borrowed from CLSA Capital Partners via Lending Ark Asia Secured Private Debt Funds, and the balance from Lendable.

F88 obtained the loan from Lending Ark for the first time, while this is the second loan that Lendable, through its financial investment fund, has extended to F88. The first loan of US$10 million was disbursed in early 2022.

F88 is set to use this financing to grow its loan book and develop its distribution network.

Between January and September, F88’s loan book grew 246.4% compared to the same period last year. In addition, the continued development of F88’s distribution network, resulting in 300 new points of sale in 2022, helped F88 reach its target of 800 outlets by October 2022.

Since the beginning of 2022, F88 has raised US$70 million from two major international financial institutions in Asia and Europe. The firm looks to launch its initial public offering in 2024, when the number of points of sale amounts to 1,400, and its business capitalization reaches US$1 billion.

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