Vietnam-based financial services firm F88 raises $6m from existing backers

Vietnam-based consumer lending firm F88 has raised about 140 billion dong ($6 million) from existing investors Mekong Capital and Granite Oak to reach a valuation of 2.1 trillion dong ($91 million).

The follow-on capital injection will help F88, which operates 180 stores currently, expand its branch network, said the company’s chairman and CEO Phung Anh Tuan.

“Growing from 11 branch locations when we invested in December 2016, F88 has 180 branches today and is quickly emerging as one of the fastest growing financial service companies in Vietnam,” commented Chris Freund, partner at Vietnam-focused private equity firm Mekong Capital.

The fund manager invested in F88 through the $112.5-million Mekong Enterprise Fund III (MEF III), a 2016 vintage vehicle. While the fund has so far announced nine investments, Mekong Capital is in the market for MEF IV, which has a $200 million target corpus and a $250 million hard cap.

F88 had raised its second equity round in 2018 from Dublin-based investor Granite Oak Advisors, which then valued the financial service company at 1 trillion dong.

“Since our initial investment in 2018, F88’s performance has consistently surpassed our expectations with respect to growth, loan portfolio quality and profitability. Investing in this (latest) growth equity round was, therefore, an obvious choice for us,” said Simon Wagner, managing partner at Granite Oak.

Since 2019, F88 has also raised over 200 billion dong ($8.5 million) from bond issuance.

In addition to offering lending services through its pawn shops, F88 provides other financial services such as life and non-life insurance, bill payments and mobile money and e-wallet top-ups.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.