Vietnamese fintech MoMo raises $200m in Series E round
Vietnamese financial ‘super-app’ MoMo has secured $200 million in a Series E funding round.
MoMo wants to broaden financial inclusion in Vietnam
The round was led by Japanese banking giant Mizuho with participation from Ward Ferry, Goodwater Capital and Kora Management.
MoMo will use the cash to expand its suite of financial products for its 31 million existing customers. The company intends to develop digital-first solutions for SMEs and micro-enterprises in Vietnam and also plans to roll out its services to those in more rural areas as well as smaller cities across the country.
The firm says its investments will align with the Vietnamese government’s national agenda on creating a digital economy in the Southeast Asian nation.
These national strategic goals include the development of non-cash payments, strengthening financial inclusion and providing services and assistance to people and businesses hit by the Covid-19 pandemic.
MoMo vice chairman and co-CEO Nguyen Manh Tuong says the investment underscores the support for MoMo’s mission, “which is to use technology to improve the quality of Vietnamese people’s lives, to help people access financial and essential services and other essentials of life in a simple, convenient and low-cost way”.
