Lendable pumps fresh US$30 million into Vietnam microfinance firm

London-based Lendable has provided F88 with US$30 million via its latest loan for the Vietnamese consumer finance firm, putting its total financial support for the company at almost US$70 million.

With a three-year term, the loan serves as the largest financing package from Lendable for a financial firm in Vietnam. Hanoi-based F88 says the loan has reached its accounting book, and the support came just a few days after Vietnam’s State Securities Commission announced that F88 has been qualified for a publicly-listed status.

“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,” Mr Phung Anh Tuan - CEO of F88 says, adding that Lendable, a leading debt finance provider in Britain, has provided funding to F88 several times in 2022 and 2023.

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.

The Vietnamese microfinance firm expects to be listed on the Ho Chi Minh City Stock Exchange, Vietnam’s main bourse in early 2027 with an expected market capitalization of around $1 billion. Under F88 plans, its shares will be traded on the country’s Unlisted Public Company Market (UPCoM) this July as homework for the main bourse.

F88 operates almost 900 branches across Vietnam. The firm says it is partnering with several international financial partners like Lending Ark Asia Secured Private Debt Holdings Limited and GreenArc Capital, with total borrowing limits exceeding US$170 million.

Its earnings reports show that F88 disbursed loans worth 3,284 billion Vietnamese dong (US$126.44 million) in this year’s first quarter, increasing by 25% year on year. In April, Vietnamese firm FiinRatings upgraded the consumer finance company’s outlook to “favorable” from “stable”, citing its improved asset quality, flexible funding capabilities and the leading position in peer-to-peer lending in the country.

According to London-based Lendable, the company had disbursed over US$577 million as of December 2024.