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Vietnam Mobile Wallet MoMo Says Value Tops $2 Billion

Momo is Vietnam’s largest e-wallet by users and aims to double that number to 50 million in the next two years. It aims to go public in 2025


Mobile e-payment logos are seen at a street food stall in Ho Chi Minh City in Vietnam, October 15, 2019. Photo: Yen Duong, Reuters.

 

Vietnam‘s biggest e-wallet company, MoMo, said on Tuesday that it had raised $200 million from four investors led by Mizuho Bank, pushing its valuation above $2 billion.

The consortium of investors also comprised Ward Ferry Management and existing shareholders Goodwater Capital LLC and Kora Management, MoMo said in a statement.

The exact valuation of the company was not revealed but according to Nguyen Manh Tuong, co-founder of the Ho Chi Minh City-based startup: “We focus on performance not valuation but we crossed $2 billion valuation after this round.”

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 its number of users to 50 million in the next two years, the company said in January.

Financial technology has gained more traction in the country of nearly 98 million people during the Covid-19 pandemic, with retailers going online and consumers seeking contactless payment options.

The latest funding round would support the growth of MoMo as an all-in-one smartphone application or “super app” which offers multiple services, which have proved successful in countries like China and Indonesia.

 

• Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.