Be Group JSC, the owner and developer of the on-demand multi-service consumer platform Be, secured a loan facility of up to $100 million from Deutsche Bank.
|Be Group and Deutsche Bank signed the financial assistance mutual agreement
Be Group would use the proceeds to continue scaling up its three primary consumer services: on-demand ride-hailing (car and bike), food delivery, and its digital bank arm Cake by VPBank, along with new expansions.
The financing will facilitate Be Group‘s ambition to become the leading on-demand multi-service consumer platform for Vietnamese users, and strongly establish itself as a local champion of Vietnam’s tech scene.
Vu Hoang Yen, CEO of Be Group said, "This partnership with Deutsche Bank confirms the acknowledgement of the results and prospects of the business model Be Group is pursuing while also meeting top-notch global financial standards. With the mobilised loan capital, along with the sustainable growth orientation and the vision of our current investors, despite the enormous challenging competition landscape, I believe that we at Be Group are well inspired and supported to strive to materialise our medium and long-term ambition as a local champion tech company. Our deep appreciation goes to Deutsche Bank’s team who put in extensive effort to make this happen.”
|Sreenivasan Iyer, managing director and head of Investment Banking Coverage Southeast Asia and Financing Origination China and India at Deutsche Bank said, “We are delighted to be working with Be Group. Deutsche Bank has been present in Vietnam for over 30 years, and such transactions further demonstrate the bank’s unwavering commitment to our clients in this country. As Vietnam’s economy continues to thrive, we see many opportunities to partner with our clients to support their growth. We are proud to play a role in Vietnam’s growth story.”
In under four years, Be has grown its ecosystem to include transportation, food and goods delivery, flights, insurance, telecom services, and a digital bank, operating in 28 provinces and cities nationwide.
Be is the biggest Vietnamese tech player in this on-demand transportation category.
Within the first half of 2022, Be has doubled its revenue growth in Ho Chi Minh City, surpassing over 1.5 million monthly active users with transactions on the platform in the first quarter and already turn a profitable contribution margin in the third quarter of this year.
Be also worked with Cake by VPBank to launch the first digital driver lending product on driver’s apps and soon to launch a co-brand instant-approve consumer lending product with Cake by VPBank.
Cake by VPbank is the first digital bank in Vietnam that provides a full range of essential financial services including payments, savings, loans, micro-investments, and credit cards, and has already attracted more than two million customers in less than two years.
|Be Group partnering up with VPBank to launch Cake digital bank
Be Group (the developer of Be ride-hailing app) and VPBank have officially introduced Cake digital bank, a new solution for e-banking. This is the first time that a digital bank will appear on the interface of a ride-hailing app in Vietnam.
|Unique consumer loans targeting ride-hailing drivers
Homegrown ride-hailing firm Be Group, in collaboration with digital bank Cake by VPBank, has deeped their financial sector push by introducing consumer loans to driver-partners, the first of its kind in the Vietnamese market.
|CAKE by VPBank signs partnership with Dragon Capital for micro-investment product
Cake by VPBank (CAKE) ties up with Dragon Capital VietFund Management JSC (DCVFM) to launch a micro-investment option to customers under CAKE’s ecosystem.