F88 pawn shop chain continues attracting foreign capital
The investment capital from Granite Oak – an investment fund from Europe – will help Hanoi-based pawn shop chain F88 to expand.
 |
Phung Anh Tuan, chairman of the F88 board of directors, said, “This money will be used to expand the shop chain in Ho Chi Minh City as well as increase the funds for loans at existing shops.”
F88 has 45 shops in six cities in the north with the total disbursed capital of VND600 billion in 2017.
The company has recently launched its first pawn shop in Ho Chi Minh City as the next step in its long-term development strategy, targeting to open 300 shops by 2021, including 150-200 shops in Ho Chi Minh City.
Founded in 2013, F88 commercialised pawn services in Vietnam. It aims to expand its business network to 70 shops by the end of this year.
With strong investment in technology and management, the firm is committed to bringing fast, reliable, and professional financial solutions to consumers and change social perceptions of the traditional pawn market.
F88 currently provides loans on diverse assets, such as cars, motorcycles, mobile phones, laptops, and jewellery.
In January 2017, Mekong Enterprise Fund III Ltd. (MEF III), managed by private equity firm Mekong Capital, inked an investment deal with F88.
Accordingly, F88 attracted $10 million investment from MEF III, marking the third investment from the $112.5 million fund since its launch in May 2015.
Granite Oak is a Dublin-based investment firm operating across Europe with a wide variety of investments and actively providing senior debt funding for investment transactions. Over the years, it has successfully invested in hotels, leisure facilities, commercial projects, and finance. The Granite Oak team has extensive expertise and market knowledge gained from working across multiple roles within the lending industry. Their debt advisory arm is also specialised in raising money with a strong network of financial institutions and debt funds.
