Vietnamese e-wallet provider…

Vietnamese e-wallet provider… post thumbnail image

The funds will be used for expansion into rural areas and developing new products.

Vietnamese e-wallet developer MoMo raised $200 million in a series E funding round, Bloomberg reports citing the company. The startup’s valuation after closing the deal was $2 billion.

  • Japanese bank Mizuho is a major investor. The round was also attended by investment firm Ward Ferry Management and longtime investors Goodwater Capital and Kora Management.

  • Nguyen Manh Tuong, co-founder of the startup based in Ho Chi Minh City, said in an interview.

  • Since its founding in 2013, the startup has raised $433.8 million, including $100 million in January this year.

    Source: Crunchbase.

  • MoMo is the top Vietnamese payment app. Its users have become 31 million of the country’s 97 million population.

  • MoMo is not planning an IPO in the next few years, CEO Nguyen Manh Tuong told the portal. Instead, the provider will focus on strengthening its market position and developing new products, he said. Notably, following the January funding round, the previous CEO Pham Thanh Duk announced that the company would go public in 2025.

  • E-wallet developers will use the funds raised to support expansion in rural areas, starting with bill payment services. MoMo will also invest in technology development, digital transformation support for SMEs and mergers and acquisitions (M&A). The company’s goal is to create a financial superapp, as previously reported.

By 2025, South Asia’s internet economy will double to $363 billion, predict analysts from Google, Temasek Holdings and Bain & Co. The leading fintech companies in the region are Superapp Grab and Indonesian technology company GoTo.

Read also: Superappa Grab’s share price fell 20% on the first day of trading.

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