🇻🇳 Fintech firm gets $10m loan facility from Lendable

Vietnam-based F88, a lender and insurance distributor, has borrowed US$10 million via a senior secured loan facility from Lendable, a debt finance provider.

Photo cedit: F88

The new loan facility marks the first deal for Lendable in Vietnam.

F88 said it will use the loan to serve unbanked, underbanked individuals, and MSMEs in Vietnam. It aims to disburse nearly US$500 million in funds by 2022.

Established in 2013, F88 provides secured lending services, insurance products, utility bills payments, money transfers, e-wallet deposit, and withdrawal services.

“F88 has expanded its reach beyond F88-branded stores through partnerships with leading retailers and tech partners in Vietnam, making our services available throughout a network of almost 4,000 F88 and partner stores,” said Phung Anh Tuan, CEO and founder of F88.

Last month, F88 entered a partnership with CIMB Bank Vietnam to promote financial inclusion to the unserved and underserved sector in the country.

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F88 said it has been profitable since 2019 and has recorded revenue growth of 113% in 2021, along with loan book growth of 70%.

Meanwhile, Lendable backs fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. To date, it has disbursed over US$225 million to fintech firms in over 14 countries.