Consumer platform Be Group receives $100 mln loan from Deutsche Bank

Be Group JSC, the owner and developer of the on-demand multi-service consumer platform “be”, held a signing ceremony with Deutsche Bank after receiving a loan facility of up to $100 million.

Be Group would use the proceeds to continue scaling up its three primary consumer services: on-demand ride-hailing, food delivery and a digital bank arm as well as new expansions.

The financing will facilitate Be Group‘s ambition to become the No.1 on-demand multi-service consumer platform for Vietnamese users, strongly establishing itself as a local champion of Vietnam’s tech scene. 

In under 4 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, with over 20 million downloads. Be is the biggest Vietnamese tech player in this on-demand transportation category. 

In under 4 years, Be has grown its ecosystem to include transportation, food and goods delivery, flights, insurance, telecom services and a digital bank.

Within the first half of 2022, Be has doubled its revenue growth in the key market of Ho Chi Minh City, surpassed over 1.5 million monthly active users with transactions on the platform in the first quarter, and already turned a profitable contribution margin in Q3 this year.

Be also worked with Cake by VPBank to launch the first digital driver lending product on driver’s apps and 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 2 million customers in less than 2 years. 

Ms. Vu Hoang Yen - CEO of Be Group said, "This partnership with Deutsche Bank confirms the acknowledgment of the results and prospects of the business model Be Group is pursuing while also meeting top-notch global financial standards. With the mobilized 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 materialize 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.” 

The signing ceremony of Deutsche Bank & Be Group.

Deutsche Bank has a broad footprint in Asia Pacific across 14 markets and this year celebrates its 150th anniversary in the region. This year Deutsche Bank was named the overall market leader in APAC FX (Euromoney) and is the top-ranked bank for APAC FIC Financing and Credit Trading, according to Coalition.

Mr. Sreenivasan Iyer, Managing Director and Head of Investment Banking Coverage Southeast Asia and Financing Origination China, 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.”