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|The announcement of MoMo's Series D funding round was organised on January 13|
The fresh investment will be used to develop MoMo's latest Super App platform and upgrade its ecosystem to better serve dozens of millions of users across the country.
In 2020, despite being interrupted by COVID-19, MoMo’s performance was largely positive with double-digit growth in the number of users (reaching 23 million) and about $14 billion in total transaction value.
Nguyen Manh Tuong, MoMo’s executive vice-chairman cum CEO said, “We are deeply honoured by the support from leading global leading investors in this capital mobilisation. 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.”
Eric Kim, co-founder and managing partner at Goodwater Capital said, "Goodwater is excited to partner up with MoMo and favours its continued leadership in the local e-wallet market.”
He added that this is a golden time to invest in Vietnam because of the growing demand for e-payment.
Jeffrey Perlman, managing director and head of Southeast Asia at Warburg Pincus said, "Momo has solidified itself as the clear market leader in digital payments in Vietnam and we believe this is only just the beginning for the platform. As MoMo’s largest shareholder, we are pleased with the progress MoMo has made since our initial investment and will continue to support the company’s ambition to transform the mobile payment market in Vietnam. We are also excited to welcome Goodwater Capital, Kora Management, and Macquarie Capital joining us on this journey."
To date, MoMo has opened 120,000 payment points and tied up with 30,000 partners. It is also directly connected to 28 local and international banks in Vietnam, providing services to more than 90 per cent of Vietnamese people. MoMo has over 1,100 employees and is based in Ho Chi Minh City with offices in Hanoi and Danang.