F88

As of May 2026, F88 operates 972 branches across all provinces in Vietnam. Its services are also available through a broader network of partnerships with well-known fintech platforms such as MoMo and ZaloPay as well as foreign banks such as CIMB. F88 holds a BBB credit rating from FiinRatings, which was upgraded from BBB- in October 2025, reflecting the company’s strong financial performance and leadership in Vietnam’s alternative lending sector.

On May 6, 2025, F88 was officially approved by the State Securities Commission to become a public company – marking a historic milestone as Vietnam’s first listed alternative financial services provider. The company is now listed on the Unlisted Public Company Market (UpCoM).

Having once experienced running out of money for his previous business and faced challenges in borrowing, Mr. Phung Anh Tuan, one of the co-founders, saw the potential of bringing quick financial access to people and micro-businesses in order to provide lending in a fast and easy way.

Together with his friends with 16 years of experience in the industry, Tuan founded F88. The three founders shared a solid commitment to providing fast, convenient and safe financial services to underbanked and unbanked consumers, altering society’s prejudices about traditional secured lending.

In those early years, each of F88’s branches could only generate about ten loans per month. Some customers did not think F88 was a lending branch because it looked too spacious and modern. Others saw F88 as no different from a bank with complicated procedures. For those who have never pawned, the word ‘pawn’ seemed to be scary. Psychologically, they were so afraid of being caught that many of them hesitated to come—or if they did, they tried to be well-covered with a mask, making the service appear to be even ‘scarier.’

F88 struggled not only with external but also internal customers (i.e employees). Even when the recruitment team could select ten candidates, more than half of them refused to join the interviews.

But the more challenging it became, the harder the founders tried to break through to success. In the following three years, F88 embarked on building up their teams, their technology, and optimizing their operations and risk management.

As a result, when F88 reached 11 stores in 2016, the company could successfully raise investment from Mekong Enterprise Fund III, a strategic partner for the co-founders on their ambitious journey.