F88 raises $50 million in a series C round

Friday, Mar 03, 2023 11:20

Phung Anh Tuan, chairman of the Board of Directors and general director of F88 (centre), received the investment from two main investors. — Photo courtesy of the firm

F88 Investment Joint Stock Company (F88) on Thursday announced that it successfully raised a series C investment of US$50 million.

The two main investors in this round are Viet Nam-Oman Investment Fund (VOI) and Mekong Enterprise Fund IV (MEF IV).

The fresh funds will be invested in technology, data analytics and data science, brand building and acquiring new customers, developing human resources, and attracting new talents.

Phung Anh Tuan, chairman of the Board of Directors and general director of F88, said: "VOI, backed by the Oman Investment Authority (OIA), aspires to expand its investment in micro-finance in Viet Nam to provide the unbanked population with access to small loans for their emergency needs.

"MEF IV has the same interest in helping improve the quality of financial services to retail consumers in Viet Nam. In 2022, F88 was awarded the highest level of Customer Protection Certificate by the Center for Financial Inclusion (formerly known as The Smart Campaign) for the 2022-25 period. We are among a few private companies in the small lending business that can satisfy strict investment criteria by VOI and MEF IV regarding social impacts.”

Tuan added: “F88 is honoured to welcome VOI and MEF IV on board. We believe that having both funds will strengthen our foundation for rapid expansion while upholding excellent services in the coming years. We embrace a learning culture, empowering young but capable Vietnamese professionals to further their career success.

"We are proud to be able to recruit, build, and retain the best personnel in micro-lending and fintech in Viet Nam. As such, we can serve customers with limited access to the formal banking system and provide them with the most convenient and friendly services. VOI is the lead investor in this round, while this is the third announced investment from Mekong Capital’s funds in F88, following its two earlier investments announced in 2017 and 2020.”

Nguyen Xuan Giao, VOI's investment director, said: “As an impact investor, VOI’s investment thesis is to provide capital for companies that generate beneficial socio-economic and environmental impact on the community."

"Since its inception in 2009, VOI has disbursed over $300 million in renewable energy, clean water, healthcare, education and agriculture sectors. The capital contribution to F88 is our first investment in the financial services sector in Viet Nam. This demonstrates our confidence in the company’s business model and growth potential as well as the social benefits that F88 can bring.” — VNS

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