MoMo, Vietnam’s mobile wallet and payments app, has closed an undisclosed funding round which was reportedly worth around $100 million. The Series C investment was led by US private equity firm Warburg Pincus.
The fast-growing fintech, which did not reveal the financial terms of the deal, said the new funding will provide it with “substantial resources” to expand its footprint and develop millions of payment points throughout Vietnam.
MoMo claims to serve nearly 10 million users on its e-wallet platform, which offers users various payments applications. The company plans to continue investing in technology, particularly in artificial intelligence, security and big data.
The app helps customers make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans and purchase services such as software licenses and online game vouchers, airline and movie tickets.
The latest funding round brings the company’s total funding to $133.8 million since its inception in 2013. It has previously raised investment from Goldman Sachs and Standard Chartered Bank.