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Six foreign firms pour capital into MoMo
By Dung Nguyen
Wednesday,  Jan 13, 2021,18:43 (GMT+7)

Six foreign firms pour capital into MoMo

By Dung Nguyen

MoMo reveals its foreign investors at its Series D funding round – PHOTO: MOMO

HCMC – Vietnamese ewallet service provider MoMo announced today, January 13, that it had ended its Series D funding round, with six foreign firms—three new investors and three current shareholders of MoMo—joining the fundraising.

The three new investors in MoMo are Goodwater Capital, Kora Management and Macquarie Capital, while the three others comprise Warburg Pincus, Affirma Capital and Tybourne Capital Management.

Although the investment value remained unknown, MoMo said that it would use the capital to launch a new super-app platform and upgrade MoMo’s ecosystem to serve tens of millions of MoMo users and its partners.

Besides, MoMo plans to introduce an innovation venture to back local startups that can be integrated into MoMo’s ecosystem. The e-wallet service provider will invest 20% of the new capital in some Vietnamese technology startups.

“The investment from foreign firms will help the firm accelerate its development and solidify its position in the local market,” said Nguyen Manh Tuong, MoMo executive vice chairman and CEO.

Eric Kim, co-founder and managing partner of Goodwater Capital, said this period was a golden moment to invest in Vietnam.

The representative of MoMo said that the service is connected with 28 major banks in Vietnam, while over 90% of bank account holders are using the e-wallet.

As of late 2020, MoMo had over 23 million customers and total transactions valued at US$14 billion. The firm targets to have 50 million customers in the next two years, said Nguyen Ba Diep, MoMo co-founder and vice chairman.

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