Friday , December 9 2022

Pawnshop chain F88 borrows $60 mln from global funds


Pawnshop chain F88 has managed to raise loans worth US$60 million from two international financial institutions to fund its expansion.

It has borrowed $50 million from CLSA Capital Partners (HK) Limited (Lending Ark) through Lending Ark Asia Secured Private Debt Funds and $10 million from the UK’s Lendable.

Phung Anh Tuan, F88 chairman and CEO, said the loans would help more people access capital more easily amid the high interest rates.

Lendable had provided $10 million to F88 in January this year.

According to F88, in the first nine months of the year its loan book grew by 246.4% year-on-year.

It has 800 branches nationwide.

The consumer loan provider targets market capitalization of $1 billion when it lists on Vietnam’s main bourse by 2024.

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