VIETNAM, January 14 –
An F88 shop. — Photo courtesy of the firm
HÀ NỘI — F88 has successfully closed a $10 million senior secured loan facility with Lendable Inc, a leading provider of emerging market fintech debt financing.
This facility is the first transaction for Lendable in Việt Nam and it marked an important milestone for F88 in accessing the international debt financing market, in addition to F88’s bond issuance and partnership with CIMB, a leading bank in the region.
“We are delighted to partner with Lendable, an impact debt provider, to drive financial inclusion in Việt Nam. F88 aims to shell out 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 in a network of nearly 4,000 F88 stores and partners. We plan to use this facility to serve millions of unbanked and underbanked 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 with the F88 team, which has a vision to create equal access to financial services for underserved people in Việt Nam.
“F88’s impressive growth, asset quality and strong earnings profile speak to its leadership position in Việt Nam. It was a pleasure to work with the F88 team and Granite Oak, the investor and advisor to F88 in this transaction. We look forward to this installation being the start of a close partnership with F88 on its exciting growth journey,” he said.
F88 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 industry, as well as its strong earnings profile and good asset quality. F88 has consistently delivered strong business results, executing its business plan well and achieving profitability since 2019.
Founded in 2013, F88 is the fastest growing secured lending company in Việt Nam. Meanwhile, Lendable is a leading provider of debt financing for fintech companies in frontier and emerging markets, creating access to new financial products and services for unbanked and underbanked populations. —VNS