The F88 Business Joint Stock Company has successfully mobilized a secured loan of $50 million from CLSA Capital Partners (HK) Limited (Lending Ark) through Landing Ark Asia Secured Private Debt Funds for the first time and also $10 million from Lendable.

Lending Ark Asia Secured Private Debt is Asia’s leading company in the field of secured private credit and was established in 1995. It appreciates the market potential in Vietnam and F88’s business results, including loan book growth this year of 246.4 per cent compared to the same period last year, with debt quality controlled and stable, even during Covid-19. The continued development of F88’s distribution network, resulting in 300 new points of sale in 2022, helped it reach its target of 800 stores in October.

Because of these impressive achievements, F88 is the second business in Vietnam to be able to raise the maximum limit of $50 million from CLSA. Moreover, Lending Ark considers F88 a strategic financial partner and is looking forward to long-term growth.

Lendable - a leading provider of financial loans to fintech companies in many frontier and emerging markets - showed its faith in the potential F88 holds, as the $10 million loan is the second they disbursed to the company. The first, also worth $10 million, was disbursed early this year. F88 will use the funds for network expansion and business growth.

“The collaboration with CLSA helps F88 have additional financial resources that can make it easier for more people to access capital, especially those who are unable to reach banks’ standards,” said Mr. Phung Anh Tuan, Chairman and General Director of F88. The company believes that this collaboration will help them expand cooperation on a larger scale and become more diverse in the future in order to promote business development in Vietnam’s financial market.

To sum up, F88 has successfully mobilized $70 million from two international financial institutions in Asia and Europe. In the context of the capital mobilization channel through corporate bonds in Vietnam showing signs of slowing, this is a positive signal for businesses, helping them grow by using different financial resources.

Since the beginning of this year, F88 has successfully raised $70 million from two major international financial institutions in Asia and Europe. Its goal is to IPO in 2024, when the number of points of sale will reach 1,400 and business capitalization will reach $1 billion.