Mobile wallet MoMo says valuation tops $2 bln after funding

Vietnam’s biggest e-wallet company, MoMo, said it had raised $200 million from four investors led by Mizuho Bank, pushing its valuation above $2 billion.

The consortium of investors also comprised Ward Ferry Management and existing shareholders Goodwater Capital LLC and Kora Management, MoMo said in a statement Tuesday.

The exact valuation of the company was not revealed but according to Nguyen Manh Tuong, co-founder of the Ho Chi Minh City-based startup: “We focus on performance not valuation, but we crossed $2 billion valuations after this round.”

The company has previously said it intended to go public by 2025.

Momo is Vietnam’s largest e-wallet by users and aims to double the number of users to 50 million in the next two years, the company said in January.

Financial technology has gained more traction in the country of nearly 98 million people during the Covid-19 pandemic, with retailers going online and consumers seeking contactless payment options.

The latest funding round would support the growth of MoMo as an all-in-one smartphone application or “super app” which offers multiple services, which have proved successful in countries like China and Indonesia.