Editor’s note: updated with information and quotes from MoMo’s press statement
Vietnam’s largest e-wallet company MoMo announced it has become one of the three Vietnamese tech unicorns, surpassing the $2 billion valuation mark.
MoMo has recently announced the completion of the fifth round of funding (Series E). The company has successfully raised an investment amount of $200 million from global investors including Mizuho, Ward Ferry, Goodwater Capital, and Kora Management in this series, MoMo said in a Linkedin post. The Series E was led by leading Japanese global bank Mizuho, according to a statement.
Over the past 10 years, MoMo said it has continuously invested in technology solutions, supporting the Government’s strategy on developing the digital economy, cashless payments, and enhancing financial inclusion, along with efforts to support Vietnamese people and businesses through the difficulties caused by the pandemic.
“This is great news for the MoMo family. We take pride in this success and are even more motivated to constantly develop and innovate to affirm our position as one of the largest Fintech corporations in Vietnam,” the company said.
The exact valuation of the company was not revealed.
The company said it will use the new capital to strengthen its position as a market-leading super app by increasing the provision of financial services to 31 million existing customers, expanding the market through providing financial solutions, digital transformation solutions for millions of small businesses and micro enterprises (MSMEs) in Vietnam and continue to promote investment in Vietnamese companies to expand the ecosystem.
The company will also expand and strengthen its services in tier-2 and tier-3 cities as well as rural areas.
“This strong commitment from global investors to the MoMo platform, which is built by the Vietnamese and for the Vietnamese, is a great motivation for our talented team to continue to innovate and to make a difference,” MoMo Executive Vice Chairman and Co-Chief Executive Officer Nguyen Manh Tuong said.
“We are seeking to broaden our retail financial business footprint with particular focus on the ASEAN region, digital transformation, and financial inclusion,”Daisuke Horiuchi, Managing Executive Officer at Mizuho’s Retail Business Company, said. “We will collaborate with MoMo with the aims of facilitating its future growth and increasing financial inclusion in Vietnam.”
Reuters reported that the company has previously said it intended to go public by 2025.
Momo is Vietnam’s largest e-wallet by users and aims to double the number of users to 50 million in the next two years, the company said in January.
Vietnam’s most widely used e-wallet app MoMo secures at least $100M in Series D