Mobile wallet MoMo says valuation tops $2 bln after funding
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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.
Questions & Answers
Q.What is MoMo's current valuation after the latest funding round?
What is MoMo's current valuation after the latest funding round?
MoMo's valuation now exceeds $2 billion after this funding round. Co-founder Nguyen Manh Tuong stated they crossed this figure, though the exact valuation was not publicly revealed.
Q.Which investors participated in MoMo's recent $200 million funding round?
Which investors participated in MoMo's recent $200 million funding round?
The recent funding round saw investment from Mizuho Bank, Ward Ferry Management, Goodwater Capital LLC, and Kora Management. Mizuho Bank led this consortium of investors.
Q.How does MoMo plan to use the new $200 million funding?
How does MoMo plan to use the new $200 million funding?
The new funding will support MoMo's growth as an all-in-one smartphone application or 'super app'. This strategy aims to offer multiple services, similar to successful models in China and Indonesia.
Q.What is MoMo's user growth target for the next two years?
What is MoMo's user growth target for the next two years?
MoMo aims to double its user base to 50 million within the next two years. The company is currently Vietnam's largest e-wallet provider by user numbers.
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