MoMo raises 200 million USD in Series E financing round
Mobile Service JSC (M-Service) – the biggest e-wallet firm in Vietnam said it had raised 200 million USD from global investors for its MoMo e-wallet service during the Series E (5th) financing round.
MoMo raises 200 million USD in Series E financing round. (Photo: )
HCMCity (VNA) - Mobile Service JSC (M-Service) – thebiggest e-wallet firm in Vietnam said it had raised 200 million USD from globalinvestors for its MoMo e-wallet service during the Series E (5th) financing round.
MizuhoBank of Japan led the latest funding round, followed by WardFerry, which specializes in investing and managing long-term funds.
The consortium of investors also comprised Goodwater Capital LLCand Kora Management which are specializing in investing in consumertechnology companies, and businesses providing internet and financial services.
M-Service said it will use the capital to strengthen itssuper-app position by providing financial services to 31 million existingcustomers, expanding its market by providing digital transformation solutionsfor millions of micro, small and medium sized enterprises (MSMEs) inVietnam.
M-Service will also promote investment in Vietnamese companies,while expanding its services in tier-2 and tier-3 cities, and rural areas.
Nguyen Manh Tuong, Executive Vice Chairman and Co-CEO of M-Service said MoMo has beenusing technology to improve the quality of Vietnamesepeople's lives, helping them access financial services and essential services ina simple and convenient way at low cost.
DaisukeHoriuchi, Managing Executive Officer atMizuho’s retail business company saidhis firm is seeking to broaden its retail financial business footprint withparticular focus on the ASEAN region, as well as in digital transformation andfinancial inclusion.
With its cooperation with MoMo, the company aims tofacilitate MoMo’s future growth and increase financial inclusion in Vietnam, headded.
Momois Vietnam's largest e-wallet by users. It sets to double the number of usersto 50 million in the next two years.
Duringthe COVID-19 pandemic, through MoMo's charity platform, millions of customers raisednearly 4 million USD to support disadvantaged people and children./.
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MoMo raises 200 million USD in Series E financing round. (Photo: ) 
