Vietnam mobile wallet MoMo says valuation tops US$2b after latest funding
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[HANOI] Vietnam's biggest e-wallet company, MoMo, said on Tuesday (Dec 21) said it had raised US$200 million from 4 investors led by Mizuho Bank, pushing its valuation above US$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 US$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 the number of users to 50 million in the next 2 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.
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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
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