In the latest fund-raising round, financial technology startup MoMo received $200 million of investment capital, bringing its total value to over US$2 billion.
Startup MoMo recently announced the completion of the 5th round of fund raising (Series E) with a total investment of about $200 million. This round was led by Mizuho (Global Bank of Japan) and a group of global investors including Mizuho, Ward Ferry, Goodwater Capital and Kora Management.
MoMo was once known as the most popular e-wallet application in Vietnam for many years and now it is aiming to develop into a super app.
MoMo currently has more than 1,600 employees with its headquarters based in Ho Chi Minh City and offices in Hanoi and Da Nang. This FinTech company has about 31 million users with more than 140,000 payment points nationwide.
Daisuke Horiuchi, Managing Director of Retail Business of Global Japan Bank Mizuho said the company is looking to expand its retail business in Southeast Asia, as well as in the field of digital transformation and financial inclusion. That’s why Global Japan Bank Mizuho decided to invest in startup MoMo.
MoMo’s representative told VietNamNet: “We are not allowed to announce specific numbers, but we can confirm that MoMo’s value has exceeded $2 billion.”
“The company will use the new funding to strengthen its position as a market leader in super apps by increasing its financial services to its 31 million existing customers,” a MoMo representative said.
The Fintech startup also aims to continue to expand by providing digital transformation solutions for millions of small businesses (SMEs) and micro enterprises (MSMEs) in Vietnam.
In addition, MoMo will promote investment in Vietnamese companies to expand the ecosystem as well as strengthen services in tier 2 and tier 3 cities as well as rural areas.
Nguyen Manh Tuong, Vice Chairman of the Board of Directors, Co-CEO of MoMo, said the strong commitment of global investors to MoMo – a technology product built entirely by Vietnamese – is great encouragement for this firm.
According to recent data from McKinsey & Company Vietnam, the percentage of service users of Fintech (financial technology) companies in Vietnam increased from 16% in 2017 to 56% in 2021; and Vietnam’s digital ecosystem is estimated at $50 billion and can increase to $100 billion by 2025.
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