News
MoMo Announces the Closing of its Series D Financing from Goodwater, Warburg Pincus, and other Leading Global Investors Jan 13, 2021
January 13, 2021, Hanoi – MoMo, Vietnam’s No.1 eWallet company, announced the completion of its series D financing from leading global investors including new investors Goodwater Capital, Kora Management and Macquarie Capital[1], and existing shareholders Warburg Pincus, Affirma Capital, and Tybourne Capital Management. This round is co-led by Goodwater, a Sillicon Valley fund and Warburg Pincus.
The new fund raised will be used to establish a new super app platform, enhance MoMo’s ecosystem which serves millions of merchants and Vietnamese end users, and launch MoMo Innovation Ventures, an initiative to invest in Vietnamese companies with potential to be integrated into MoMo’s ecosystem for the benefits of access to a broader market and user base.
As a leading technology company in Vietnam, MoMo’s products and services provide a critical solution to the country’s objective of developing a digital economy. MoMo’s open platform will allow tens of millions of users and businesses, especially small- and medium-sized enterprises (SMEs), to easily embark on a digital journey. Currently, the company has 120,000 MoMo accepted points and 30,000 business partners. With direct connections with 28 of the largest local and international banks in Vietnam, the company covers over 90% of the country’s banked population. Despite the challenging market conditions in 2020, MoMo delivered outstanding results with its registered user base nearly doubling to reach 23 million and its transaction volume growing by 3.5 times to hit USD14 billion.
Mr. Nguyen Manh Tuong, MoMo’s Executive Vice Chairman & Co-CEO said, “We are grateful and honored to have the prestigious lineup of global investors to join this round of financing. The investment not only demonstrates the investors’ recognition of our achievements, but also their belief in our vision – to provide all citizens in Vietnam with access to the best and affordable mobile payment services. The fund and the resources of our investors will help accelerate our growth and better position us to capture the tremendous market opportunities in Vietnam.”
Mr. Eric Kim, Co-Founder and Managing Partner of Goodwater Capital said "Goodwater is excited to partner with MoMo and support its continued leadership in bringing forth convenient and accessible financial services to the Vietnamese consumer. There has never been a better time for Goodwater to invest in Vietnam and we are humbled by the welcome we have received. We are truly honored to partner with MoMo's executive team, employees, and a global investor base."
Jeffrey Perlman, Managing Director, Head of Southeast Asia of Warburg Pincus, said, "Momo has solidified itself as the clear market leader in digital payments in Vietnam and we believe this is only just the beginning for the platform. As MoMo’s largest shareholder, we are pleased with the progress MoMo has made over the past few years since our initial investment and will continue to support the company’s ambition to transform the mobile payment market in Vietnam. We are also excited to welcome Goodwater Capital, Kora Management, and Macquarie Capital, to join us on this journey."
ABOUT M_Service JSC (“MOMO”)
MoMo is the number one e-wallet company in Vietnam and one of the fastest growing and largest fintech apps in the world. Our award winning super app platform is trusted and loved by millions of users and merchants for its ease of use, product design, and compelling ecosystem of partners. MoMo has over 1,100 employees and is head quartered in Ho Chi Minh City with offices in Hanoi and Danang.
For further information please visit: www.momo.vn
ABOUT WARBURG PINCUS
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than US$56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than US$86 billion in over 910 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.
For more information please visit www.warburgpincus.com
For media queries, please contact:
Warburg Pincus
Lisa Liang
Communications and Marketing, China and Southeast Asia
Email: lisa.liang@warburgpincus.com
Phone: +86 13511079525
[1] An entity managed by Macquarie Capital Principal Finance