Vietnamese E-Wallet MoMo Joins Unicorn Club With US$200 Million Series Eby Fintech News Vietnam December 21, 2021
Vietnamese e-wallet M-Service which operates under the MoMo brand announced it has raised US$200 million Series E in a funding round that was led by Mizuho Bank, a subsidiary of Mizuho Financial Group.
With this latest fundraise, MoMo is now a unicorn with a valuation surpassing US$ 2 billion.
Mizuho Bank had also snapped up approximately 7.5% of the company’s shares for US$ 170 million.
The other investors participating in the round include Ward Ferry Management as well as existing shareholders Goodwater Capital LLC and Kora Management
In January this year, MoMo had secured US$100 million during its Series D fundraise where the firm revealed its plans to be a super app in the region
Mizuho Bank said in a statement,
“We at Mizuho will provide the experience and expertise that we have accumulated through our business in Japan to assist in the strengthening and development of M-Service’s financial service business.
At the same time, we will positively contribute to further advancing Vietnam’s financial inclusion and retail finance industry by expanding our collaboration with M-Service and by enhancing our ongoing cooperation with Vietcombank.”