MoMo bags $200 million in Series E fundraising round

MoMo will continue building its super app platform

The company will use the new capital to consolidate the leading position of its super app platform by growing the penetration of its financial services products among its 31 million users, expanding its presence to serve millions of micro-, small-, and medium-sized enterprise (MSME) merchants across Vietnam and further invest in Vietnamese companies that could strengthen MoMo’s ecosystem. The company will also expand and strengthen its services in tier 2 and 3 cities, and in the rural areas.

Over the past 10 years, MoMo has continually invested in technology solutions to improve the life of the Vietnamese people. MoMo has been a strong supporter of the Vietnamese government's strategic goals of developing the digital economy through promoting cashless payments, increasing financial inclusion, and helping overcome the challenges brought about by the pandemic. MoMo’s donation platform has facilitated user donations of $4 million to various causes. Additionally, MoMo has helped accelerate the digital transformation of thousands of business partners in MoMo’s ecosystem, with more than 140,000 payment acceptance points spread across all business verticals.

Nguyen Manh Tuong, MoMo’s executive vice chairman and co-CEO, said, “We are grateful and honoured to have the support and trust of leading global investors. The investment shows their confidence and belief in our mission – to improve the life of the Vietnamese people and merchants through technology, by giving them access to superior, simpler, and affordable financial solutions and daily services. This strong commitment from global investors to the MoMo platform, which is built by the Vietnamese and for the Vietnamese, is a great motivation for our talented team to continue to innovate and to make a difference.”

Daisuke Horiuchi, managing executive officer at Mizuho’s Retail Business Company, said, “We are very proud to be an investor in MoMo. We are seeking to broaden our retail financial business footprint with a particular focus on the ASEAN region, digital transformation, and financial inclusion.

MoMo excels in all of these three aspects and we believe that they will continue improving the lives of the Vietnamese people and merchants with their outstanding financial solutions and daily services. We will collaborate with MoMo with the aims of facilitating its future growth and increasing financial inclusion in Vietnam.”