Vietnam’s digital wallet provider MoMo reveals that it has secured $100 million in capital via its Series D funding round, which was co-led by Goodwater, a Silicon Valley-based fund, and Warburg Pincus.
New investors also made contributions to MoMo’s investment round, including Kora Management and Macquarie Capital, and other existing investors such as Affirma Capital and Tybourne Capital Management took part in the round as well.
The funds raised will be used to create a new super app service, improve MoMo’s ecosystem for merchants and Vietnamese consumers, and establish MoMo Innovation Ventures, a project for making strategic investments in Vietnam-based firms with the potential to be integrated into MoMo’s evolving ecosystem.
MoMo’s management noted that they’ve set up 120,000 MoMo accepted points and are working with many business partners. MoMo has reportedly established direct connections with 28 of the largest local and global banks. The MoMo ecosystem now covers more than 90% of the nation’s banked population.
Despite the socioeconomic challenges due to the COVID-19 outbreak, MoMo’s registered customer base almost doubled to around 23 million and the platform’s total transaction volume surged by 3.5x to reach about $14 billion.
Nguyen Manh Tuong, MoMo’s Executive Vice Chairman and Co-CEO Momo Funding, stated:
“We are grateful and honored to have the prestigious lineup of global investors to join this round of financing. The investment not only demonstrates the investors’ recognition of our achievements, but also their belief in our vision, to provide all citizens in Vietnam with access to the best and affordable mobile payment services. The fund and the resources of our investors will help accelerate our growth and better position us to capture the tremendous market opportunities in Vietnam.”
This month has already turned out to be huge in terms of Fintech funding. Grab’s Fintech division recently acquired more than$300 million through a Series A round. Rapyd finalized a $300 million Series D round and Mambu managed to reach a valuation of more than €1.7 billion after an investment of around $130 million.