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F88 raises funding from European investor

Update: November, 27/2018 - 17:40
Representatives of F88 and Granite Oak Advisors sign the investment deal. — Photo vietnamfinance.vn
Viet Nam News

HÀ NỘI — Hà Nội-based pawn shop chain F88 has successfully raised a new round of financing from Dublin-based investor Granite Oak Advisors.

The information was announced at the signing ceremony held in HCM City on Tuesday.

Financial details of the investment were not disclosed but F88 said the fund valued the firm at nearly VNĐ1 trillion (US$43.5 million).

F88’s chairman cum general director Phùng Anh Tuấn said the new investment would be used to expand the chain of F88 stores in HCM City from the current 45 ones as well as increasing outstanding loans.

The company planned to open 300 stores across the country by 2021, Tuấn added.

This is the first deal for Granite Oak in Việt Nam. The firm has invested in emerging markets in Europe and Africa across sectors spanning hotels, leisure, commercial projects and finance.

“Việt Nam’s consumer lending market is newly developed, highly fragmented and has large room for growth. We decided to invest in F88 to scale up the company to capture the growth,” said Simon Wagner, CEO of Granite Oak.

At the announcement ceremony, F88 also signed co-operation deals with Payoo payment gateway and Momo e-wallet to provide financial services to customers at all F88 stores nationwide.

Founded in 2013, F88 pioneered the commercialisation of pawn services in Việt Nam. The company currently provides loans on diverse assets such as cars, motorcycles, mobile phones, laptops and jewellery.

Last year, Mekong Enterprise Fund III Ltd (MEF III), managed by private equity firm Mekong Capital, also invested in F88 with an undisclosed figure. — VNS

 

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