Vietnamese mobile payments app MoMo collects $200m in funding

Vietnamese mobile payments app MoMo has reportedly collected $200m in a Series E funding round from global investors.

The round was led by Mizuho Bank, with commitments also coming from Mizuho, Ward Ferry, Goodwater Capital and Kora Management, according to a report from FinTech and Finance News.

With the fresh equity, the company hopes to bolster its position in the market, expand its solutions offering, and promote investment in Vietnamese companies to expand the ecosystem. It also plans to boost its services in tier two and three cities, as well as rural areas.

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 co-CEO Nguyen Manh Tuong said, “We are honoured and happy to receive the support and trust from global investors. This investment shows respect and belief in MoMo’s mission, which is to use technology to improve the quality of Vietnamese people’s lives, helping people access financial and essential services. other essentials of life in a simple, convenient, and low-cost way.

“The strong commitment of global investors to the super application platform MoMo, a technology product for Vietnamese built entirely by the hands and minds of Vietnamese engineers, is the It is a great encouragement for MoMo’s team of talented engineers, motivating us to constantly innovate, create and create different values.”

The FinTech company previously raised $100m in its Series D funding round in January 2021. Backers included Warburg Pincus, Goodwater Capital, Affirma Capital Singapore, Kora Management, Macquarie Capital and Tybourne Capital Management

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