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.
“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.