F88 is a Vietnam-based pawn shop service chain and it secured last month an undisclosed amount of investment thanks to its attractive tech platform that “was launched to overcome the difficulties in accessing funds from customers, meet market demand, as well as catch up with the trend of development of the world financial system.”
F88 will use the funding to strengthen its management team and work toward the growth of its company.
The chain intends to open 70 outlets in northern Vietnam by the end of the year. By 2020, it ambitiously hopes to have 300 total stores across Vietnam — a 1,900 percent increase (or approximately 633 percent increase per year) from its current number of 15 stories in Hanoi and surrounding provinces.
What makes the tech platform attractive?
“The transparency in operation, boosted by technology, offers an effective alternative to traditional borrowings, and brings a reliable financial solution to consumer[s].”
The investor? Private equity firm Mekong Capital. Partner at Mekong Capital Chris Freund also joined the board of F88 as a part of the investment deal. According to Freund;
“F88’s competitive edge is its entrepreneurial co-founders, professional management team, IT infrastructure, and strong corporate governance. We believe that with Mekong Capital’s well proven approach towards adding value, called Vision Driven Investing, and our extensive network of international experts and resources, F88 will continue to improve their operations and successfully execute an ambitious nationwide expansion plan.”
F88 was founded in 2013.