MoMo closes its series E funding, becomes a unicorn

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MoMo is considered Việt Nam’s No.1 super app with about 31 million users in the country. — Photo courtesy of the firm

HÀ NỘI — E-wallet MoMo announced the successful completion of its Series E fundraising round on Tuesday with $200 million in equity financing from leading global investors.

The Series E was led by leading Japanese global bank Mizuho with the participation of Ward Ferry, Goodwater Capital and Kora Management.

Regarding the value of the firm so far after the deal, Nguyễn Mạnh Tường, MoMo’s Executive Vice Chairman and Co-CEO, said: “We are not officially releasing the valuation because we focus on performance not valuation, but the answer is that we crossed $2 billion valuation after this round.”

With the valuation, the e-wallet would go into the local unicorn club with tech firms VNPay, VNG, and Sky Mavis (the owner of Axie Infinity).

As the country’s No.1 super app, MoMo will use the new capital to consolidate the leading position of its super app platform by growing the penetration of its financial services products among its 31 million users, expanding its presence to serve millions of MSME merchants across Việt Nam, and further investing in Vietnamese companies that could strengthen MoMo’s ecosystem.

The firm will also expand and strengthen its services in tier 2 and 3 cities, and in rural areas.

Over the past ten years, MoMo has continually invested in technology solutions in order to improve the life of the Vietnamese people. MoMo has been a strong supporter of the Vietnamese Government’s strategic goals of developing the digital economy through promoting cashless payments, increasing financial inclusion, and helping overcome the challenges brought about by the pandemic.

MoMo’s donation platform has facilitated user donations of US$4 million to various causes. Additionally, MoMo has helped accelerate the digital transformation of thousands of business partners in MoMo’s ecosystem, with more than 140,000 payment acceptance points spread across all business verticals. — VNS

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