Vietnamese private equity-backed financial services firm F88 has secured a $30-million loan from London-based international financial organisation Lendable, according to an announcement.
The loan has a three-year term and represents the largest financing package extended by Lendable to any financial enterprise in Vietnam.
The development comes after F88 filed to list on the Unlisted Public Company Market (UPCoM) recently. The company plans to list on the Ho Chi Minh City stock exchange in early 2027 with an expected market capitalisation of around $1 billion.
Prior to this agreement, Lendable had provided funding to F88 multiple times in 2022 and 2023, with loan amounts ranging from $5 million to $10 million. With the latest financing, Lendable’s total financial support to F88 has reached nearly $70 million.
“Lendable finances fintech and microfinance companies with the aim of expanding financial access for underserved populations. F88 is the first company in Vietnam to receive such a large loan with a long-term commitment from Lendable, reflecting their confidence in our strategic direction, operational efficiency, and risk management capabilities,” said an F88 representative.
The fresh loan from Lendable will be used to drive business growth, expand operations, and achieve a revenue growth target of 30%, as well as increase the total number of customers by 30% this year. On May 6, 2025, the State Securities Commission confirmed that F88 has met all requirements to become a public company.
The Hanoi-based firm offers small loans primarily backed by vehicles as collateral and provides financial services such as insurance and money transfers.
According to F88’s earnings report, it disbursed loans worth 3,284 billion Vietnamese dong in Q1 2025, a 25% increase year on year; recorded a revenue of 820 billion Vietnamese dong, up 21.5% YoY; and posted a pre-tax profit of 132 billion Vietnamese dong, an increase of 204.2%.
Currently, F88 operates 888 branches nationwide. Besides Lendable, the company is also collaborating with several other international financial partners, including Lending Ark Asia Secured Private Debt Holdings Limited and GreenArc Capital, with total borrowing limits exceeding $170 million.
