Warburg Pincus leads around $100m funding in Vietnamese e-wallet MoMo

A vendor accepts payment through MoMo app.

Vietnamese e-wallet MoMo has raised a Series C funding round led by global private equity firm Warburg Pincus.

While financial terms remain undisclosed, a source familiar with the matter said, the investment was in the region of $100 million, making this one of the largest single rounds ever raised by a Vietnamese startup.

MoMo did not comment on the deal value.

The fintech company has previously been backed by Goldman Sachs and Standard Chartered Private Equity in its Series A and B rounds totalling $32 million. The Series C investment was closed last year.

“Warburg Pincus’ capital and support has been game-changing for the company and we are excited to continue working with them to build out the country’s digital payments infrastructure, utilise technology to bolster financial inclusion and provide Vietnamese with unprecedented level of access to digital financial services at their fingertips,” said Pham Thanh Duc, CEO of MoMo.

The startup revealed that it will invest in AI, security and big data, in order to deliver innovative financial services to its users.

MoMo claimed it was the most downloaded e-wallet app in Vietnam in 2018, currently with 10 million users.

The volume of transactions processed on the platform has also grown by more than three times over the course of the year, the company added.

“Last year was a transformational period for MoMo. The company posted its largest ever transaction volume and number of active users, and we have significantly extended our lead as the platform of choice in the Vietnamese digital payment market,” Duc said.

In addition to the initial features of buying mobile phone credits, bill payment and money transfer, MoMo users are now allowed to pay for various services including travel, tickets and insurance, as well as carry out cashless transactions at over 100,000 convenient stores.

In 2017, Warburg Pincus announced its maiden $2.3 billion financial services fund, which exceeded original target of $1.6 billion. The global investor has backed leading financial services firm in Asia, including Ant Financial, Avaloq, Network International, Varo Money and Wacai.

In Vietnam, the firm has previously invested in Techcombank, Vincom Retail and two real estate and logistics joint ventures with VinaCapital and Becamex IDC.

Also read:

Vietnamese fintech app MoMo raises $28m from StanChart PE, Goldman Sachs

Warburg Pincus exceeds target, closes first financial services fund at $2.3b

Warburg Pincus leads $74m funding round in Fusion Microfinance

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.