MoMo Eyes Super App Status With the Close of US$100 Million Funding Round

MoMo Eyes Super App Status With the Close of US$100 Million Funding Round

by January 15, 2021
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Vietnamese e-wallet MoMo announced that it had raised US$100 million during its Series D funding round co-led by Goodwater, a Sillicon Valley fund and Warburg Pincus, according to a report by Reuters.

New investors include Goodwater Capital, Kora Management and Macquarie Capital, while existing shareholders Warburg Pincus, Affirma Capital, and Tybourne Capital Management aslo took part in the funding round.

The funds raised will be used to establish a new super app platform, enhance MoMo’s ecosystem serving its merchants and Vietnamese end users, as well as launch MoMo Innovation Ventures, an initiative to invest in Vietnamese companies with potential to be integrated into MoMo’s ecosystem.

The company said it has 120,000 MoMo accepted points and 30,000 business partners. With direct connections with 28 of the largest local and international banks in Vietnam, the MoMo reportedly covers over 90% of the country’s banked population.

Despite the challenging market conditions in 2020, MoMo’s registered user base nearly doubled to reach 23 million and its transaction volume grew by 3.5 times to hit USD14 billion.

Mr. Nguyen Manh Tuong, MoMo’s Executive Vice Chairman & Co-CEO said,

Nguyen Manh Tuong, MoMo’s Executive Vice Chairman & Co-CEO Momo Funding

Nguyen Manh Tuong

“We are grateful and honored to have the prestigious lineup of global investors to join this round of financing. The investment not only demonstrates the investors’ recognition of our achievements, but also their belief in our vision, to provide all citizens in Vietnam with access to the best and affordable mobile payment services.

 

The fund and the resources of our investors will help accelerate our growth and better position us to capture the tremendous market opportunities in Vietnam.”

January has been a blockbuster month for fundraising; Grab’s fintech arm secured over US$300 million in Series A funding round, Rapyd bagged US$300 million in Series D funding round and Mambu received a valuation of over €1.7 billion with an investment of approximately US$130 million.

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