F88's pitch deck presents a compelling case for a rapidly growing financial services firm in Vietnam, specifically targeting the 50 million unbanked individuals and MSMEs. With a physical network of 525 branches as of 2021 and a 94% CAGR in their customer base from 2018-2021, the company demonstrates significant scale and execution capability. Their product mix is well-diversified, featuring motorbike and car title-backed lending alongside a growing insurance agency business that has sold over 1 million policies. The deck effectively uses market data to show the vast potential in Vietnam's le…
Key takeaways
- F88 targets a massive market of 50 million unbanked or underbanked individuals in Vietnam (Slide 2).
- The company achieved a 94% CAGR in its customer base between 2018 and 2021 (Slide 2).
- Physical expansion is a core strategy, growing from 12 branches in 2016 to 525 branches by 2021 (Slide 5).
- Revenue grew by approximately 111% year-over-year, with the company reporting stable profits since 2019 (Slide 2).
- Product diversification includes motorbike lending (59% contribution) and car lending (37% contribution) (Slide 6).
- The insurance segment is a significant growth lever, with over US$9.5m in premiums sold and 124% YoY growth (Slide 6).
- F88 is backed by prominent investors including Mekong Capital and Granite Oak, who have been involved since 2015 and 2018 respectively (Slide 7).
- The deck highlights a credit rating of BBB- with a stable outlook from Fiin Ratings as of 2021 (Slide 5).
F88 Pitch Deck Analysis
F88 presents itself as a dominant force in the Vietnamese alternative lending space. The deck is structured to emphasize scale, rapid growth, and institutional credibility. By focusing on the unbanked population—a demographic often overlooked by traditional banks—F88 highlights a massive, underserved market opportunity. The inclusion of physical branch growth alongside digital metrics suggests a hybrid approach to financial services that is common in emerging markets.
Slide 1: Title and Positioning
The cover slide establishes F88 Investment JSC as "Vietnam’s fastest-growing financial services firm." It immediately defines its target market: 50 million unbanked individuals and MSMEs (Micro, Small, and Medium Enterprises) in Vietnam. The imagery features a physical branch, a staff member in uniform, and consumer assets (a car and a motorbike), which clearly signals the company's focus on secured, asset-backed lending and a strong physical presence.
Slide 2: Keys Business Highlight
This slide serves as an executive summary, grouping the company's strengths into five categories. Key data points include:
Growth: A 94% CAGR in the customer base from 2018 to 2021. · Market Size: An estimated 50 million unbanked/underbanked people and a US $23B title lending market by 2025. · Performance: ~81% YoY growth in loan disbursements and ~111% YoY total revenue growth, with stable profit since 2019. · Network: ~520 branches nationwide by year-end 2021. · Leadership: Mention of a "Founder-driven business" with expertise in risk management and retail operations.
Slide 3: Corporate Culture and Core Values
This slide focuses on the soft side of the business, featuring a quote and photo of Mr. Phung Anh Tuan, Co-founder, BOD Chairman, and CEO. It outlines a "Vision 2025" to be the largest personal financial service corporate in Vietnam. The core values listed are Authenticity, Customer centricity, Integrity, Cause in the matter, and Good Relationship. While less data-heavy, it aims to establish the mission-driven nature of the firm.
Slide 4: Market Opportunity and Financial Inclusion
Slide 4 provides the macro-economic justification for F88's existence. It uses a pyramid graphic to show that 48 million Vietnamese are unbanked, with an average monthly income of less than US $300. It also positions Vietnam as the fastest-growing non-life insurance market in Asia. The charts project the title lending market growing to US $23B by 2025 and show aggressive growth in health and motor vehicle insurance premiums through 2025.
Slide 5: Corporate Development Timeline
This timeline tracks F88 from its establishment in 2013 through 2021. It highlights key milestones in capital raising and operational scaling:
2016: 12 branches; investment from Mekong Enterprise Fund III. · 2018: 46 branches; investment from Granite Oak. · 2019: 124 branches; issued ~USD 5.6m in local bonds. · 2020: 304 branches; issued ~USD 34m in local bonds; partnership with KB Financial Group. · 2021: 525 branches; issued ~USD 61m in local bonds; USD 10m offshore loan; BBB- credit rating from Fiin Ratings.
Slide 6: Diversified Product Offering
This slide breaks down the revenue streams as of December 2021:
Motorbike Lending: ~$450 avg loan, 109% YoY growth, ~59% contribution. · Car Lending: ~$5,400 avg loan, 185% YoY growth, ~37% contribution. · Insurance: US $9.5m premiums sold, 1M+ policies, 124% YoY growth. · Add-on Services: 13,600+ transactions per month (bill pay, etc.) through partners like Momo and Payoo.
Slide 7: Financial Sponsors
The final slide details the institutional backing of F88. It highlights Granite Oak (specialists in credit and fintech) and Mekong Capital (a leading PE firm in Vietnam). The slide lists prestigious former employers of the management team, including Google, Goldman Sachs, Morgan Stanley, and Harvard University, though it does not name the specific individuals associated with these logos.
What Works in the F88 Deck
1. Strong Traction and Scale: The jump from 12 branches to 525 branches in five years is a powerful indicator of execution capability. The deck consistently uses year-over-year growth percentages (81%, 111%, 124%) to demonstrate momentum.
2. Clear Market Segmentation: By using the income pyramid on Slide 4, F88 clearly identifies its niche. They aren't competing with banks for the high-net-worth individuals; they are owning the bottom and middle of the pyramid.
3. Institutional Credibility: The timeline of bond issuances and the credit rating (BBB-) on Slide 5, combined with the detailed sponsor slide (Slide 7), provides a level of financial maturity rarely seen in early-stage decks. This suggests F88 is a sophisticated financial institution, not just a startup.
What is Missing from the F88 Deck
1. The Ask: The most significant omission is the lack of a funding request. There is no mention of how much capital is being raised, the terms, or the specific use of proceeds. This makes the deck feel more like a corporate brochure or an investor relations update than a pitch for a new round.
2. Unit Economics: While the deck mentions "stable profit since 2019," it provides no data on Customer Acquisition Cost (CAC), Lifetime Value (LTV), or net interest margins. For a lending business, the cost of capital and default rates are critical, but they are not detailed here.
3. Detailed Team Slide: Only the CEO is featured. While the sponsor slide mentions the management team has experience at firms like Goldman Sachs, the lack of names, titles, and photos for the rest of the C-suite is a notable gap.
What a Founder Should Copy
1. The Growth Timeline: Slide 5 is an excellent example of how to visualize a company's evolution. It combines branch count, funding rounds, bond issuances, and strategic partnerships into a single, easy-to-read graphic that tells a story of consistent progress.
2. Product Contribution Breakdown: Slide 6 does a great job of showing how different products contribute to the whole. By providing average loan sizes, growth rates, and the percentage of total contribution for each product, the founders give investors a clear view of the business mix.
3. Macro-to-Micro Logic: The deck flows well from the massive problem (50M unbanked) to the specific solution (title-backed lending and insurance) and then to the evidence of success (revenue and branch growth). This logical progression is essential for any pitch deck.
Frequently asked questions
- What is F88's primary business model?
- F88 operates as a multichannel financial services ecosystem in Vietnam. Their primary revenue drivers are secured lending (specifically motorbike and car title-backed loans) and insurance agency services. They target the 'unbanked' and MSME segments, utilizing a massive physical branch network (525 locations) combined with digital partnerships to reach customers who lack access to traditional banking.
- How fast is F88 growing according to the deck?
- The deck reports significant growth across multiple metrics. Their customer base grew at a 94% CAGR from 2018 to 2021. Financial performance is equally aggressive, with total revenue growing approximately 111% year-over-year and insurance premiums growing 124% YoY. Their physical footprint expanded from 124 branches in 2019 to 525 branches by the end of 2021.
- Who are the key investors in F88?
- F88 is backed by two major institutional sponsors: Mekong Capital and Granite Oak. Mekong Capital, a leading PE firm in Vietnam, has been an investor and board member since 2015. Granite Oak, a diversified investment holding company focused on fintech and lending, joined as an investor and board member in 2018.
- What are the specific loan products offered by F88?
- F88 offers two main title-backed lending products. Motorbike Title-backed Lending has an average loan size of ~$450 with a 6-month tenure, contributing ~59% of their loan volume. Car Title-backed Lending has a much higher average loan size of ~$5,400 with flexible tenures, contributing ~37% of their loan volume.
- What is missing from this pitch deck?
- The deck is missing several critical components for a standard fundraise: a specific 'Ask' (how much money they want), a 'Use of Funds' breakdown, detailed unit economics (CAC/LTV), and a comprehensive management team slide beyond the CEO. It functions more as a corporate overview or a growth update than a tactical fundraising tool.
