E-wallet Momo secures investments from foreign funds

By Minh Son   January 14, 2021 | 02:00 am PT
E-wallet Momo secures investments from foreign funds
A person opening up a digital payment app on her phone. Photo by VnExpress/Bao An.
Momo has secured investments from three new foreign funds and existing shareholders in its fourth round of funding.

The Vietnamese e-wallet said in a statement that U.S. funds Goodwater Capital and Kora Management and Australia’s Macquarie Capital invested for the first time while existing shareholders Warburg Pincus (U.S.), Affirma Capital (U.K.) and Tybourne Capital Management (Hong Kong) increased their investments.

But it did not disclosed the value of the Series D funding citing confidentiality agreements.

In its last funding round led by Wargburg Pincus in January 2019 it had bagged $100 million.

MoMo said part of the new funding would be used to support tech startups in Vietnam through MoMo Innovation Ventures, its new fund.

The rest would be used to launch a comprehensive superapp and upgrade its existing digital eco-system.

The foreign investors would not participate in the running of the company, Nguyen Ba Diep, its vice chairman, said.

Momo is eyeing an IPO in future, he revealed.

Its charter capital before this latest round of funding was VND130 billion ($5.63 million), 66 percent of it owned by foreign investors.

According to its official website, the company has 23 million customers and clocked $14 billion worth of transactions in 2020.

It hopes to expand its customer base to 50 million in the next two years.

The company claims to work with 30,000 business partners and transacts directly with 28 domestic and international banks.

It was founded in 2007 by a group of Vietnamese founders, and debuted its e-wallet in 2010.

It main competitors are other Vietnamese firms ViettelPay, AirPay and ZaloPay, the top e-wallets by download in 2020, according to data firm App Annie.

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