The financial assistance mutual agreement was signed by Mr. Abhay-Kumar Sinha, Managing Director and Head of Special Situation- Asia and Head of Corporate Financing - India at Deutsche Bank and Ms. Vu Hoang Yen, CEO of Be Group.

Be Group will assert its strategy to becoming Vietnam's leading consumer platform with financial assistance from the Deutsche Bank.

Specifically, 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 a digital bank arm (Cake by VPBank) as well as new expansions.

This financing will facilitate Be Group’s ambition to becoming the leading on-demand multi-service consumer platform for Vietnamese users, strongly establishing itself as a local champion of Vietnam’s tech scene.

Within nearly 4 years, Be has grown its ecosystem to include transportation, food and goods delivery, flights, insurance, telecom services and a digital bank. Be’s services cover 28 provinces and cities, with over 20 million downloads. Be is the biggest Vietnamese tech player in this on-demand transportation category.  

In the first half of 2022, Be doubled its revenue in key market of Ho Chi Minh City, surpassed over 1.5 million monthly active users with transactions on the platform in first quarter and already turn 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 it will launch a co-brand instant-approve consumer lending product with Cake by VPBank very soon.

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. It has 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,” she said.

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.”

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. It is the leading bank in Germany with strong European roots and a global network.

Deutsche Bank has a broad footprint across 14 markets in Asia-Pacific 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.

PV