Vietnam’s biggest e-wallet firm MoMo has raised US$200 million in a Series E funding round led by Japanese Bank Mizuho. The investment round was joined by Goodwater Capital, Kora Management, and Hong Kong-based Ward Ferry Management.
With the latest funding round, MoMo enters the unicorn category with its valuation surpassing US$2 billion.
The startup also intends to go public in the year 2025.
MoMo will be using the fresh funding to increase the reach of its financial services products among its 31 million users, grow its presence to serve MSMEs merchants in the country, and invest further in Vietnamese companies to strengthen its ecosystem.
The startup also plans to strengthen and expand its services in more rural areas and tier 2 and 3 cities. It is Vietnam’s largest e-wallet by users and aims to double the number of users to 50 million in the next two years.
“We are seeking to broaden our retail financial business footprint with particular focus on the ASEAN region, digital transformation, and financial inclusion. We will collaborate with MoMo with the aim of facilitating its future growth and increasing financial inclusion in Vietnam,” said Daisuke Horiuchi, managing executive officer at Mizuho’s retail business company.
MoMo had raised an undisclosed amount in Series D funding round in January 2021 that was co-led by Goodwater Capital and return investor Warbug Pincus. New investors Macquarie Capital and Kora Management also participated in the round along with existing investors Tybourne Capital Management and Affirma Capital.
The company claims that its revenue has grown 2x as compared to 2020
Founded in 2007 by Diep Nguyen and Tuong Nguyen, MoMo is an e-wallet and payments app that allows users to make payments and transfer money digitally.
MoMo claims that it has over 140,000 payment acceptance points spread across all business verticals. Its partner networks include 50 financial institutions and banks, as well as 50,000 business brands.
The startup has developed its e-wallet to a super-app marketplace that integrates services such as digital vouchers, insurance, credit products, among others.