Mobile wallet MoMo closes $100m in its Series D round

Vietnamese mobile payments app MoMo has raised $100m in a Series D funding round.

The investment was co-led by Warburg Pincus and Goodwater Capital, with participation also coming from Affirma Capital Singapore, Kora Management, Macquarie Capital and Tybourne Capital Management.

This equity burst will enable the company to enhance its ecosystem and bolster its platform. Funds will also be used to launch MoMo Innovation Ventures, an initiative that will invest into Vietnamese companies that could be integrated into MoMo’s ecosystem.

MoMo witnessed strong growth in 2020, despite market challenges, with it doubling its user base to 23 million. Its transaction volume also grew by 3.5 times to reach $14bn.

The FinTech offers a mobile money platform that enables users to easily transfer money to others for free. MoMo is partnered with 24 domestic banks and foreign payment networks.

Its app also enables users to top up phones, travel spending, bill payment, buying insurance, taking out loans, paying at the counter and online shopping.

MoMo executive vice chairman and co-CEO MNguyen Manh Tuong said, “We are grateful and honoured 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.”

This is the second FinTech investment made by Warburg Pincus this week. The private equity firm recently deployed $125m into online loan platform LendingPoint.

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