Vietnamese e-wallet service MoMo raises Series C funding led by Warburg Pincus

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MoMo wants to continue on investing in its technology, particularly in the use of AI, security, and big data

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Vietnamese e-wallet and digital financial services platform MoMo announced on Wednesday, January 16, that it has raised a Series C funding round led by global private equity firm Warburg Pincus, wrote Vietnam Economic Times.

The company did not reveal the exact figures but a report by Dealstreet Asia puts the number at around US$100 million.

The company said that the new funding will provide it with “substantial resources” to expand its footprints and develop “millions” of payment points throughout Vietnam.

Also Read: Vietnam’s FastGo commences operation in Myanmar

It will continue to invest in technology, particularly in artificial intelligence (AI), security, and big data.

MoMo claimed to serve nearly 10 million users on its e-wallet platform; its transaction volumes has also grown more than three fold over 2018.

In addition to enabling customers to pay for purchases at various merchants, the MoMo platform also enables users to buy phone credits, send money, and pay bills.

Entering 2019, startups of various verticals in Vietnam have been announcing late-stage funding rounds.

This week, e-commerce site Leflair announced a US$7 million Series B funding round while fintech startup Tima announced its Series C effort.

Image Credit: Chang Duong on Unsplash

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Source: E27