Vietnam payment platform wins PE funds
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A Vietnam payment platform start-up has received a US$28 million shot in the arm from private equity investors.
M_Service, which launched the mobile e-wallet MoMo, received the boost from Standard Chartered Private Equity (SCPE), which invested $25 million, and existing shareholder and strategic investor Goldman Sachs, which added $3 million to its initial $5.75 million investment of 2013.
More than half of Vietnam’s population of 90 million use the internet, and the app provides a useful service in a country where there are few debit or credit card users. Government data shows that mobile phone subscribers in Vietnam grew 26 per cent to 124 million during 2009-2013..
Smartphone app MoMo provides eWallet services and over-the-counter remittance and payment platforms for a customer base of 2.5 million people, and already claims to have more than 1 million customers.
“It is extremely exciting to see financial support and the customer base for MoMo growing,” says M_Service general director Pham Thanh Duc.
Questions & Answers
Q.How much funding has the Vietnam payment platform received in total from investors mentioned?
How much funding has the Vietnam payment platform received in total from investors mentioned?
The platform has received a total of US$33.75 million. This includes the recent US$28 million from SCPE and Goldman Sachs, plus Goldman Sachs' initial US$5.75 million investment from 2013.
Q.Who are the primary investors providing the recent funding boost to M_Service?
Who are the primary investors providing the recent funding boost to M_Service?
Standard Chartered Private Equity (SCPE) provided US$25 million of the recent funding. Existing shareholder Goldman Sachs added a further US$3 million to their initial investment.
Q.What services does the MoMo app offer to its customers in Vietnam?
What services does the MoMo app offer to its customers in Vietnam?
The MoMo app offers eWallet services, over-the-counter remittance, and payment platforms. It serves a customer base of 2.5 million people and claims over 1 million actual customers.
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