Kafi

What Kafi does

Kafi (Công ty Cổ phần Chứng khoán Kafi) is a Vietnamese securities company founded in 2022 that provides retail brokerage, derivatives, covered warrants, bond trading, and margin financing. The firm is headquartered in Ho Chi Minh City with an additional branch in Hanoi, and operates with 101-250 employees plus approximately 20 open roles. Kafi positions itself as a digital-first brokerage targeting Vietnamese retail investors and high-net-worth clients.

The company's core product is the Kafi X mobile trading platform, which charges a 0.1% per-trade fee and supports equity, derivative, and bond transactions. Around Kafi X, Kafi has assembled a product stack that includes a tiered margin offering covering 170+ margin-eligible stocks (Margin T, Margin-Zero, Margin Cashback, Margin-B10), a dedicated Kafi Bond platform for bond trading, 30 covered warrant codes issued to date, and the Kafi Partners referral program with K-Points loyalty rewards. Bond and structured product desks complement the equity commission base.

Kafi's revenue model combines trading commissions, margin financing interest, bond-related fees, and covered warrant issuance economics. Customer segments are differentiated by product tier: mass-retail and active traders on Kafi X, high-net-worth clients via Margin-B10, and partner-introduced clients via the Kafi Partners channel. In 2025, the firm reported profit of 458 billion VND with a stated 2026 target of 1,050 billion VND, alongside an announced IPO roadmap and a strategic partnership with Taipei Fubon Securities for international capital connectivity.

Name

Kafi

Legal name

Công ty Cổ phần Chứng khoán Kafi

Website

https://kafi.vn

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Kafi is a Vietnamese digital securities brokerage offering equity, derivatives, bond trading, and margin financing via the Kafi X mobile platform. It serves retail traders, high-net-worth clients, and referral partners across Vietnam, with 458 billion VND reported profit in 2025.

Ownership category

akta.pro rank

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Equity and Derivatives Trading Fees: Commissions charged on securities (equity) and derivatives trading transactions. Kafi X charges a competitive 0.1% trading fee. NFI (Net Fee Income) is defined as trading fee value after deducting exchange fees and business deductions.
2. Margin Interest Income: Interest income earned on margin lending (ky quy) facilities. Margin packages (Margin T, Margin-Zero, Margin Cashback, Margin-B10) charge interest rates ranging from 0% to 14%+ per annum depending on package, loan size, and trading activity.
3. Bond Trading and Coupon Income: Revenue from bond trading services (Kafi Bond platform), including bond transaction fees and management of bond portfolios.
4. K-Points Partner Program: Partner referral income sharing program where Kafi distributes a portion of NFI and AUM-based fees to referring partners (6% NFI for referrals, 60% NFI for derivatives customer care).
5. Derivatives Trading: Fees from derivative trading (futures and options), forming part of the NFI-based revenue share with partners.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels9 records

Core offering

Kafi is an online securities brokerage operating the Kafi X mobile and web trading platform for Vietnamese retail investors. Core offerings include equity and derivatives trading at a flat 0.1% fee, bond trading via Kafi Bond, four margin loan packages (Margin T, Margin-Zero, Margin Cashback, Margin-B10), 30 guaranteed covered warrant codes, and a Kafi Partners referral program that pays K-Points for client introductions.

Product overview

Kafi operates a unified platform ecosystem centered on Kafi X, a professional securities trading platform offering equity, derivatives, and bond trading services. The offering is complemented by specialized margin loan packages (Margin T, Margin-Zero, Margin Cashback, Margin-B10), the Kafi Partners referral program with K-Points rewards, and Kafi Bond for fixed income products. The product portfolio also includes Kafi Sales for broker/partner management and 30 covered warrant codes for leveraged investment strategies. The platform targets Vietnamese retail investors with tiered services from basic trading to advanced margin and partner programs.

Differentiator

Problem solved

Functional benefit

Brands

• Kafi X: Professional stock trading platform with competitive fees at 0.1%
• Kafi Sales
• Kafi Bond
• Kafi Partners

Products and services

• Kafi X Trading Platform Mobile and web securities trading platform for Vietnamese retail investors, offering equity trading at 0.1%, derivatives trading, margin financing, and bond investment with real-time market data and eKYC account opening.
• Kafi Bond Bond trading and accumulation service for Vietnamese investors to buy government and corporate bonds, earn coupon income, and accumulate fixed-income positions through the Kafi X platform.
• Margin T (K-Margin T) Flexible margin loan package with 0%/year interest for the first 5–10 days and 14%/year thereafter, designed for short-term swing traders needing short-cycle leverage on 170+ margin-eligible stocks.
• Margin-Zero Margin loan product at 0%/year for end-of-day margin balances up to 100 million VND, targeted at new and small retail traders requiring low-cost leverage to start.
• Margin Cashback Margin financing package for high-frequency traders with effective rates from 8%/year during a 90-day promotion and an interest cashback mechanism of up to 2%, refunding cash to the client every 30 days.
• Margin-B10 Preferential margin product priced from 10%/year for clients maintaining end-of-day margin balance of ≥10 billion VND and investing according to the B10 portfolio, serving high-net-worth and large-balance clients.
• Guaranteed Covered Warrants (Chứng quyền có bảo đảm) Set of 30 guaranteed covered warrant codes issued by Kafi (Kafi as issuer) for leveraged investment opportunities with issuer-guaranteed downside protection, traded on Kafi X.

Quantifiable outcome

• 458 billion VND profit in 2025; target 1,050 billion VND in 2026
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and unclear.

• Taipei Fubon SecuritiescoreStrategic or Co-development Partner · 31 March 2026Kafi entered a strategic cooperation with Taipei Fubon Securities to enhance international capital connectivity. This partnership is intended to broaden Kafi's access to international capital markets and strengthen its cross-border financial services capabilities as part of its IPO growth strategy.
• Multiple Technology and Business PartnersunclearOthersKafi's About page displays logos of 10 partners (iten-partner1 through iten-partner10) but without named identification in the source text. Partners include FPT (visible in terms page) and other undisclosed technology/service providers supporting Kafi's operations.
• Vietnam Stock Exchanges (HOSE, HNX)coreOthersKafi operates as a licensed securities company connected to Vietnam's stock exchanges (HOSE, HNX). Exchange fees are deducted from NFI calculations. This is a regulatory/market infrastructure relationship essential to Kafi's core brokerage operations.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Regional players

• FPT Securities: Vietnamese broker backed by FPT Group, focused on retail brokerage and online trading. Comparable to Kafi in retail-led digital brokerage, with a technology-company lineage.

Direct peers

• Saigon-Hanoi Securities (SHS): Mid-sized Vietnamese broker with retail brokerage, margin, and proprietary trading. Comparable in product set and target market, though typically lower scale than SSI/HSC.
• SSI Securities Corporation: Vietnam's largest securities firm, offering brokerage, margin lending, derivatives, and investment banking. Most direct large-scale comparable to Kafi's full-service retail and proprietary trading business in Vietnam.
• Mirae Asset Securities Vietnam: Subsidiary of Mirae Asset, providing retail brokerage, margin, and derivatives in Vietnam. Direct competitor with overlapping retail and margin product set.
• Ho Chi Minh City Securities Corporation (HSC): Listed Vietnamese broker with full-service retail brokerage, margin financing, and investment banking. Closely comparable in product mix to Kafi's equity, derivatives, and margin offerings.
• Vietcap Securities: Full-service Vietnamese securities firm spanning brokerage, margin, and investment banking. Comparable to Kafi across core product lines and Vietnamese retail client base.
• Yuanta Securities Vietnam: Affiliated with Taiwan's Yuanta Group, providing retail brokerage and margin lending in Vietnam. Comparable in retail broker model and in cross-border Asia capital flows.
• VNDirect Securities: One of the largest online-led Vietnamese brokers with strong retail brokerage and margin books. Direct comparable given digital-first retail acquisition and similar fee-driven economics.
• VPS Securities: Vietnamese broker with a large retail brokerage and margin book, often cited among the top online brokers. Closely comparable on retail margin economics and digital channels.
• Techcombank Securities (TCBS): Tech-focused broker affiliated with Techcombank, known for digital retail brokerage and margin products. Comparable to Kafi in mobile-led retail distribution and structured margin offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@Kafivn
• Facebookfacebook.com/Kafi.vn
• LinkedInlinkedin.com/company/kafivn
• Instagraminstagram.com/kafi_securities_corporation

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Kafi