What F88 does

F88 is a Vietnamese consumer finance and pawnshop chain founded in 2013 and headquartered in Hanoi, operating the largest pawnshop network in Vietnam with 950+ branches covering all 63 provinces. The company targets unbanked and underbanked individuals, including factory workers, ride-hailing drivers, and small traders, offering secured loans using vehicle registration documents (motorcycles and cars) as collateral with disbursement in 15 minutes. Loan products span pawn loans (3 million to 2 billion VND), salary-based loans originated in partnership with CIMB Bank (up to 6x monthly income, max 50 million VND), utility invoice and MoMo wallet-based loans (up to 40 million VND), and a digital revolving credit product. The technology platform combines an automated collateral appraisal system with the My F88 mobile application and website, processing over 95% of transactions through digital channels despite the physical branch-led distribution model.

F88 generates revenue primarily through interest income on pawnshop lending at effective annual rates of 32-55%, with 2025 revenue of 3.84 trillion VND (~USD 153 million) growing 42% YoY. The business model extends beyond lending into a multi-product financial services ecosystem: F88 distributes insurance products (health, personal accident, vehicle, hospitalization) developed with partners including MSIG Vietnam, PTI, and Mirae Asset; serves as a banking agent for Mbbank enabling deposits, withdrawals, and account opening at branches; provides bill payment and mobile top-up services through integrations with MoMo, Payoo, and Vietnam Post; and operates the F88 Partner referral program paying agents 200,000-800,000 VND per successful customer referral. Gross profit reached 907.5 billion VND in 2025 (up 102% YoY), with an ROAE of 34.4%.

The company completed its UPCoM listing in Q3 2025, transitioning to public company status, and plans a transfer to the Ho Chi Minh City Stock Exchange (HOSE) by end of 2026, offering approximately 10% of shares. F88 has raised over USD 200 million across debt and equity rounds from 2022 to 2025, including a USD 50 million credit facility from Lending Ark Asia (September 2023), USD 47-50 million from Vietnam-Oman Investment Fund and Mekong Enterprise Fund IV (March 2023), and USD 30 million from Lendable (May 2025). Founder Phùng Anh Tuấn remains Chairman.

Name

F88

Legal name

Công ty cổ phần kinh doanh F88

Website

https://f88.vn

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

F88 is a Vietnamese consumer finance and pawnshop chain operating 950+ branches across all 63 provinces, providing vehicle-collateralized loans, insurance distribution, and agent banking services to unbanked individuals and small businesses.

Ownership category

akta.pro rank

Product category

Consumer Pawnshop Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Online/Digital Pawn & Remote Collateral Lending (FSAKALAG)

akta.pro secondary industry

Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG)

Keywords

• Consumer pawn lending
• Vehicle collateral loans
• Salary-based consumer finance
• Pawnshop retail finance
• Unbanked micro lending

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Pawnshop Lending Interest Income: Core revenue from secured loans using vehicle registration documents (xe máy, ô tô) and other assets as collateral. Loans range from 3 million to 2 billion VND with terms from 1 to 18 months. Interest rates are 1.6% per month on declining balance (approximately 32-55% annually including fees).
2. Insurance Distribution Commission: F88 acts as an insurance agent distributing non-life insurance products including health insurance, personal accident insurance, vehicle insurance, hospitalization support insurance, and motorcycle rescue services through its nationwide branch network.
3. Agent Banking Services (MB Bank): As a banking agent for Mbbank, F88 earns commissions for providing banking services including deposits, withdrawals, transfers, and new account opening at its branch locations.
4. Utility Payment Services: F88 charges fees for bill payment services including electricity, water, telecommunications, internet, cable TV, and mobile top-ups through its branch network.
5. Late Payment and Early Settlement Fees: Penalty fees for late payments and early loan settlement charges as specified in loan contracts.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

F88 operates a pawnshop-based consumer finance business that disburses short-term secured loans primarily against vehicle registration documents (motorcycles, cars, electric vehicles), with funds typically released within 15 minutes across its 950+ branches. Beyond pawn lending, the company distributes non-life insurance products, acts as an agent bank for Mbbank, provides bill payment and mobile top-up services, and runs a salary-based and utility-bill-based consumer lending program in partnership with CIMB.

Product overview

F88 is a Vietnamese consumer finance company operating a chain of 950+ pawnshops across Vietnam, offering a multi-product financial services ecosystem. The core offering is pawn loans using vehicle registration documents (motorcycles and cars) as collateral, with loans disbursed in 15 minutes. Beyond pawn loans, F88 distributes insurance products (health, accident, motor, hospitalization), provides bill payment and mobile top-up services, acts as an agent bank for MB Bank, and operates a referral partner program. The company targets unbanked and underbanked populations through its extensive physical branch network combined with digital services.

Differentiator

Problem solved

Functional benefit

Brands

• F88 Partner: Affiliate/agent program enabling individuals to refer loan and insurance customers to F88 in exchange for commissions of 200,000-800,000 VND per successful referral.
• My F88

Products and services

• Pawn Loans (Vay cầm cố) Core pawn loan product using vehicle registration documents (car and motorcycle) as collateral, with disbursement in 15 minutes, loan amounts from 3 million to 2 billion VND, and flexible terms from 6 to 18 months. Targeted at unbanked and underbanked Vietnamese consumers needing quick cash.
• Motorcycle Registration Loan (Vay đăng ký xe máy) Pawn loan using motorcycle registration (cà vẹt) as collateral, with loans up to 40 million VND and approval within 15 minutes for individual borrowers.
• Car Registration Loan (Vay đăng ký ô tô) Pawn loan using car registration documents as collateral, with higher loan limits than motorcycle loans, available at F88 branches nationwide.
• Salary-Based Loan (Vay theo lương / Vay đến 6 lần thu nhập) Salary-based consumer loan product offered in partnership with CIMB Bank, providing loans up to 6 times monthly income (max 50 million VND) with salary slip and vehicle registration documentation, targeting factory workers and salaried employees.
• Utility Bill / MoMo Wallet Loan (Vay theo hóa đơn điện nước/MoMo) Consumer loan product using utility bills or MoMo e-wallet payment history as credit reference, offering loans up to 40 million VND without income proof requirement for individual borrowers.
• Revolving Credit Limit (Hạn mức tuần hoàn) Digital revolving credit product allowing customers to borrow repeatedly up to their approved limit, representing F88's digital transformation of traditional pawn loans.
• F88 Sống trọn vẹn Comprehensive Health Insurance Comprehensive health insurance product developed in partnership with MSIG Vietnam, covering inpatient, outpatient, and maternity benefits with coverage up to 400 million VND and direct billing at 300+ hospitals, available to individual customers at F88 branches.
• Hospitalization Compensation Insurance (Bảo hiểm trợ cấp nằm viện) Daily hospitalization compensation insurance with coverage from 200,000 VND/year and benefits up to 72 million VND including surgery allowance, distributed through F88 branches.
• Personal Accident Insurance (Bảo hiểm tai nạn cá nhân) Personal accident insurance offered in five tiers (Diamond, Gold, Platinum, Silver, Bronze) with coverage from 120 million to 1.2 billion VND and annual fees from 180,000 VND, distributed at F88 branches.
• Compulsory Motor Insurance (Bảo hiểm TNDS Ô tô, xe máy) Mandatory third-party liability vehicle insurance distributed at F88 branches, with motorcycle premiums from 55,000 VND and car premiums from 480,700 VND and coverage up to 150 million VND per person per accident.
• Vehicle Physical Damage Insurance (Bảo hiểm vật chất ô tô) Comprehensive vehicle physical damage insurance covering collision, fire, theft, and natural disaster damage with cashless repair at 800+ partner garages, sold through F88 branches.
• Motorcycle Rescue Service (Dịch vụ cứu hộ xe máy) 24/7 motorcycle roadside assistance subscription service covering unlocking, fuel delivery, flat tire, dead battery, and transport to repair shops, priced at 200,000 VND/year for bikes under 175cc.
• MB Bank Agent Banking Services (Dịch vụ đại lý ngân hàng MB Bank) Agent banking services provided in partnership with Mbbank, enabling cash deposit, withdrawal, inter-bank transfer, and new account opening at F88 branches nationwide for individual and small business customers.
• Bill Payment Services (Dịch vụ thanh toán hóa đơn) Utility bill payment services including electricity, water, telecommunications, internet, television, and mobile top-up at F88 branches nationwide for individual consumers.
• Mobile and Game Card Top-up (Dịch vụ nạp thẻ điện thoại, thẻ game) Mobile phone credit and game card top-up services at F88 branches, supporting all major Vietnamese telecom operators (Viettel, Vinaphone, Mobifone) and game providers (Zing, Garena, VNG).

Quantifiable outcome

• 15-minute loan disbursement
• +5 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Mbbank (Military Commercial Joint Stock Bank)coreChannel Partner/ Reseller/ DistributorStrategic partnership where F88 serves as a banking agent for Mbbank, providing deposit, withdrawal, transfer, and account opening services at F88 branches nationwide.
• CIMB BankcoreStrategic or Co-development PartnerCo-development partnership for salary-based loan products (Vay đến 6 lần thu nhập). F88 serves as distribution channel for CIMB consumer loans with loan amounts up to 50 million VND.
• Vietnam PostminorChannel Partner/ Reseller/ DistributorPartnership for expanding service distribution network and bill payment services across Vietnam.
• MoMominorChannel Partner/ Reseller/ DistributorPayment services partnership for bill payment and wallet services integration.
• PayoominorChannel Partner/ Reseller/ DistributorPayment services partnership for bill collection and payment processing.
• PTI (Bảo hiểm PTI)minorChannel Partner/ Reseller/ DistributorInsurance partner for vehicle and personal insurance product distribution.
• Mirae AssetminorChannel Partner/ Reseller/ DistributorFinancial services partner for insurance and investment product distribution.
• MSIG VietnamminorChannel Partner/ Reseller/ DistributorInsurance company partner for F88's exclusive health insurance product (F88 Sống Trọn Vẹn) developed in partnership with MSIG Vietnam.

Scale indicators15 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• EZCORP: US-based pawn lending and financial services company with pawn stores across the Americas. Comparable core business of secured, short-term, small-ticket consumer lending through a branch network.
• Cash Converters: Global pawnbroking and secondhand retail chain operating across multiple continents. Highly comparable business model (pawn lending + secondhand retail) but at a much broader geographic and product scope than F88's Vietnam-focused pawn business.
• FirstCash Holdings: Largest pawnshop operator in the Americas with thousands of locations across the US and Latin America. Operates a similar pawn lending and retail model at significantly greater scale than F88, with overlap on collateral-based consumer lending.

Direct peers

• FE Credit: Vietnam's largest consumer finance company, part of VPBank, serving a similar underbanked mass-market segment with installment lending products. Direct competitor in the same Vietnamese consumer finance category with overlapping customer profiles and product structures.
• HD Saison Finance: Major Vietnamese consumer finance company affiliated with HDBank, focused on unsecured personal lending to working-class borrowers. Directly competes with F88 for the same mass-market personal loan demand in Vietnam.
• Home Credit Vietnam: Vietnamese subsidiary of the global Home Credit Group, providing consumer finance to underbanked customers through POS lending and cash loans. Operates in the same regulatory environment and targets the same unbanked/underbanked segment as F88.
• VietCredit: Vietnamese consumer finance company offering motorcycle and personal loans to working-class borrowers. Closely comparable to F88 in product mix and target customer, including motorcycle registration-based lending.
• Mcredit: Consumer finance arm of MB Ageas Life in Vietnam, providing personal loans and insurance-adjacent products to mass-market customers. Comparable in product breadth, customer base, and bank-distribution model (partnering with MB).
• Shinhan Finance Vietnam: Korean-affiliated consumer finance company operating in Vietnam's mass-market segment with personal loan and auto-secured products. Direct competitor in Vietnam's underbanked consumer finance space.

Emerging players

• PawnHero: Philippines-based online pawnshop startup offering digital-first pawn loans with home service appraisal. Highly comparable digital pawn model and Southeast Asian underbanked target market, though at smaller scale and earlier stage than F88.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@f88vietnam
• Facebookfacebook.com/f88shop
• LinkedInlinkedin.com/company/f88
• TikToktiktok.com/@f88.taichinhbinhdan
• Xx.com/f88vietnam

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds10 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about F88