Saturday, January 22 2022

VietNamNews

F88 secures US$10 million debt financing from Lendable

Update: January, 14/2022 - 08:48

 

An F88 shop. — Photo courtesy of the firm

HÀ NỘI — F88 has successfully closed a US$10 million senior secured loan facility from Lendable Inc, a leading emerging market fintech debt finance provider.

This facility is the first transaction for Lendable in Việt Nam and it marked a significant milestone for F88 in accessing the international debt financing market in addition to F88’s bond issuance and its partnership with CIMB, a leading bank in the region. 

“We are delighted to partner with Lendable, an impact debt provider, to drive further financial inclusion in Việt Nam. F88 is aiming to disburse half a billion US dollars in 2022.  F88 has expanded its reach beyond F88-branded stores through partnerships with leading retailers and technology partners in Việt Nam making our services available throughout a network of almost 4,000 F88 and partner stores. We are planning to use this facility to serve millions of unbanked and under-banked individuals and MSMEs in Việt Nam,” said Phùng Anh Tuấn, CEO and Founder of F88. 

Hani Ibrahim, Chief Investment Officer of Lendable said: “We have been very impressed by the F88 team, who have the vision to create equal access to financial services for those underserved in Việt Nam.

"F88’s impressive growth, robust asset quality and strong earnings profile are a testament to its leading position in Việt Nam. It has been a pleasure working with the F88 team and Granite Oak, F88’s investor and advisor in this transaction. We look forward to this facility being the start of a close partnership with F88 in its exciting growth journey,” he said.

F88 has recently received a credit rating of BBB- (stable) from Fiin Ratings. The stable outlook reflects Fiin’s expectation that F88 will continue to maintain its leading position in Việt Nam’s alternative lending sector together with its strong earnings profile and healthy asset quality. F88 has consistently delivered strong business results, executing its business plan well and achieving profitability since 2019.  

Established in 2013, F88 is the fastest growing secured lending company in Việt Nam. Meanwhile, 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. — VNS

 

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