Momo secures Series D to become Vietnam’s next super-app; plans to launch new startup fund

According to a recent report, Momo was Vietnam’s most-downloaded e-wallet app in 2018, and it currently has over 10M users

Vietnam-based payments app Momo has raised an undisclosed amount in Series D financing, says a DealStreetAsia report.

The round was co-led by Warburg Princus, which had led Momo’s Series C round in 2019, and Silicon Valley-based VC firm Goodwater Capital.

They were joined by new backers Kora Management and Macquarie Capital, as well as existing shareholders Affirma Capital and Tybourne Capital Management.

While the size of the investment was not disclosed, CEO Pham Thanh Duc told DSA that the new round is higher than its Series C funding round. DealStreetAsia and Crunchbase have pegged the size of the fresh round at over US$100 million.

The fresh funds will be used to drive Momo’s ambition of becoming a super-app and kickstart its own investment arm, called Innovation Ventures, to “back local startups that can be integrated into Momo’s app“.

Founded in 2007, Momo offers mobile, electronic wallet and payment apps for iOS and Android devices. Its range of products include cash transfers, mobile phone recharges personal loans and services, such as software license and online game cards.

The company has partnered with 24 domestic banks and foreign payment networks, including JCB, MasterCard, and Visa.

As of now, Momo has over 10,000 partners across verticals, such as consumer finance, insurance, money transfers, utility payments, entertainment, e-commerce, shopping, transportation, and F&B.

According to a recent report, Momo was Vietnam’s most-downloaded e-wallet app in 2018, and it currently has over 10 million users.

Vietnam’s digital payments vertical, especially contactless payments, has witnessed a stupendous growth following the onset of COVID-19.

Although cash-on-delivery has been the most popular mode of purchase in Vietnam, the trend is seeing a big shift thanks to the behavioural change forced by the pandemic.

Other major companies operating in the contactless payments space in Vietnam are gojek, Finhay, Payoo, Moca, and SenPay.

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