Pawnshop chain F88 has received $50 million from two foreign investment funds, Vietnam Oman Investment and Mekong Enterprise Fund IV managed by Mekong Capital.
Phung Anh Tuan, chairman and CEO of F88, said that the company will use the funds for developing technology as well as building its brand and attracting skilled staff.
This is Mekong Capital’s third investment in F88. Chris Freund, the CEO of the Vietnam-focused equity firm, said that he considered this a sound investment as while in 2018 F88 had only 15 offices, it is now one of the biggest financial services companies in Vietnam with 830 offices.
Nguyen Xuan Giao, investment director of Vietnam Oman Investment, said that the fund spent nearly a year researching F88 and its potential.
The company, which was established in 2009, has so far disbursed over $300 million in different areas such as renewable energy, clean water, health, education and agriculture.
F88 was established in 2013. In 2017-2018 it received its Series A investment from Mekong Enterprise Fund III and later Granite Oak. Last year it raised $70 million from Hong Kong’s CLSA Capital Partners.
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