Vietnam financial services firm F88 secures $50 mln loan for expansion
F88, a Vietnamese financial services business, has secured a private loan of $50 million from Lending Ark Asia Secured Private Debt Fund under the Hong Kong-based CLSA Capital Partner.
In an announcement on Wednesday, F88 said the loan would help to expand its services to more customers not qualified to receive loans from banks, expecting its services to empower customers and boost Vietnam’s economy.
The loan is the second that F88 has received from the fund after the first one in November 2022, raising the total financing from the latter to $100 million.
The loan indicates Lending Ark Asia Secured Private Debt Fund’s high expectations for Vietnam’s subprime loan market, F88 added.
The fund, with a focus on personal loans, has so far invested $1.1 billion in the sector across Asia, Australia, and New Zealand.

An F88 outlet. Photo courtesy of the company.
In the first half of 2023, F88 posted a post-tax loss of VND368 billion ($15.3 million), versus a post-tax profit of VND46 billion ($1.9 million) in the same period of 2022. F88’s most recent loss was in 2017.
The underperformance was partly due to strict checks on debt recovery among financial service businesses, according to the company.
The firm’s revenue grew 52% year-on-year to VND1.23 trillion ($51.1 million) in the six-month period thanks to growth in services, including a 30% increase in the number of customers from the end of 2022.
F88 was established in 2013 and in 2021 became a partner of Mobile World Group (MWG), one of Vietnam’s leading retailers. Under the partnership, F88 is present at all MWG stores that sell electronics, smartphones, laptops, and home appliances to provide consumer finance to shoppers.
In March, F88 raised a series C investment of $50 million led by Vietnam-Oman Investment Fund and Mekong Enterprise Fund IV to further expand its distribution network nationwide and digital business ahead of an initial public offering planned for 2024.
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