The F88 Investment Joint Stock Company (F88) announced on March 2 that it has successfully raised Series C investment of $50 million.

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

The fresh funding will be invested in technology, data analytics, and data science, brand building and customer acquisition, and developing human resources and attracting new talent.

Mr. 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 microfinance in Vietnam to provide the underbanked and 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 for retail consumers in Vietnam,” he added. “We believe that having both funds will strengthen our foundation for rapid expansion while upholding excellent services in the years to come.”

VOI is the lead investor in this round, while this is the third announced investment from Mekong Capital funds in F88, following its two earlier investments announced in 2017 and 2020.

Mr. Nguyen Xuan Giao, Investment Director at VOI, said the capital contribution to F88 is its first investment in Vietnam’s financial services sector. “The investment selection principle of the fund is that in addition to the profit factor, the investee must create positive value, solve existing problems in society, and bring positive values to the community,” he explained. “This demonstrates our confidence in the company’s business model and growth potential as well as the social benefits that F88 can bring.”

With three consecutive capital contributions to F88, Mr. Chris Freund, Founder and Partner of Mekong Capital, said he appreciates F88’s ability to change and adapt to market developments. “F88 has built a very good corporate culture,” he added. “With a strong team of co-founders who are very open-minded and willing to transform themselves, I have great confidence in the continued growth and success of F88.”

F88 has more than 830 transaction offices nationwide. Growth in outstanding loans and customers for the last three years stands at nearly 200 per cent.

Under the plan, the business is expected to disburse approximately $1 billion this year and officially IPO in 2024 with market capitalization of $1 billion and 1,400 transaction offices.