Vietnam mobile wallet MoMo says valuation tops $2 billion after funding

HANOI – Vietnam’s largest e-wallet corporate, MoMo, mentioned on Tuesday said it had raised $200 million from four buyers led by means of Mizuho Financial Institution, pushing its valuation above $2 billion.

The consortium of buyers additionally comprised Ward Ferry Control and current shareholders Goodwater Capital LLC and Kora Control, MoMo mentioned in an announcement.

the exact valuation of the company used to be not found out but consistent with Nguyen Manh Tuong, co-founder of the Ho Chi Minh Town-based startup: “We deal with efficiency not valuation, however we crossed $2 billion valuation after this spherical.”

the company has prior to now mentioned it supposed to move public by means of 2025.

Momo is Vietnam’s largest e-pockets by means of users and targets to double the choice of users to 50 million within the next two years, the company stated in January.

Financial generation has gained extra traction in the us of a of nearly NINETY EIGHT million other people throughout the COVID-19 pandemic, with outlets logging on and consumers in quest of contactless payment options.

the most recent investment round could make stronger the growth of MoMo as an all-in-one cellphone application or “tremendous app” which gives more than one services, which have proved a hit in international locations like China and Indonesia.

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