Vietnamese e-wallet MoMo confirms $200m Series E round, valued at over $2b

Vietnamese payment app MoMo has raised a $200 million Series E funding led by Japanese bank Mizuho, per its announcement on Tuesday.

Other investors participating in the round include Hong Kong-based Ward Ferry Management, and Series D backers Goodwater Capital and Kora Management.

The announcement has confirmed DealStreetAsia’s report earlier this month. MoMo also confirmed that the company reached the unicorn status upon the closing of this Series E round, surpassing the $2 billion valuation mark.

The company said it will use the proceeds to grow the reach of its financial services products among its 31 million users, expand its presence to serve MSME merchants in the country, and further invest in Vietnamese companies that could strengthen MoMo’s ecosystem.

It will also expand and strengthen its services in more tier 2 and 3 cities and in the rural areas.

In January this year, MoMo announced its Series D financing co-led by Goodwater Capital and return backer Warburg Pincus. Kora Management, along with Macquarie Capital, were new investors in the Series D round that had also seen the participation of existing backers Affirma Capital and Tybourne Capital Management.

MoMo did not disclose the Series D funding amount, but it was understood to be in the range of $100 million, roughly the same amount as its Series C round closed in 2019.

The company added that it had more than 140,000 payment acceptance points spread across all business verticals. Its partner network includes 50 banks and financial institutions, as well as 50,000 business brands.

Without disclosing details, the company said its revenue this year has grown two-fold compared to 2020.

MoMo has developed its e-wallet to a super-app marketplace that integrates more services such as insurance, credit products, digital vouchers, among others. The company said it will launch investment products next year.

“We are seeking to broaden our retail financial business footprint with particular focus on the ASEAN region, digital transformation, and financial inclusion. We will collaborate with MoMo with the aim of facilitating its future growth and increasing financial inclusion in Vietnam,” said Daisuke Horiuchi, managing executive officer at Mizuho’s retail business company.

Mizuho has been active in Vietnam since 1996. In addition to a corporate banking business, Mizuho is a shareholder of Vietcombank, one of the largest banks in Vietnam, with a 15% stake.

Ward Ferry Management is an investment firm managing long-only equity funds focused on private and public company investments in the Asia-Pacific, according to MoMo’s Tuesday announcement.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.