Ho Chi Minh city, Vietnam based startup MoMo has secured a Series D round of USD 100 Million from a group of six investors, co-led by Goodwater Capital and Warburg Pincus on Wednesday, Jan 13 2021.
According to reports, the Hanoi based MoMo strategizes to handle the cash infusion to finance plans to develop to become a “super app” and go public by 2025. FinTech has been a quick expanding sector in the country of nearly 100 million.
The organization is looking forward to doubling its customer base to 50 million in the next three years. To be precise MoMo aims to draw upon its rescind fund stockpile to flourish the eWallet into “a multi-functional smartphone application which provides numerous benefits”, these models have been proven quite successful in recent times in China and Indonesia.
What the funding is for: Around 25% of the new funding would be accessed to support the tech startups to scale up their limits in Vietnam through MoMo Invention Ventures, the association’s recent fund. The organization affirms that it has reached 23 million user base and has 1,20,000 MoMo accepted points across the country. The capital upliftment is also a much-needed acceleration for MoMo to progress in its fight in a brutal FinTech war in the country, where around 40 eWallet providers are battling to establish a market which encompasses nearly 100 million people.
Investors: The funding round included participation of some new investors like Kora Management and Macquarie Capital as well as existing stockholders Tybourne Capital Management and Affirma Capital.
Legal name of the company: Beijing MoMo Technology Co, Ltd.
About the Company: The Company was founded on August 1, 2011 and they have a working strength of around 501-1000 talented employees. Their main headquarters is located in Ho Chi Minh city, Vietnam. MoMo focuses on bringing the best and innovative new age transaction experience to their clients, consisting of impressive and indigenous features. It is basically a free location-based customer assisted smartphone application which enables users to communicate with people nearby. They come under the financial services industry.
Founders of the Company : Lei Xiaoliang, Sic Zhang, Tang Yan and Ba Diep Nguyen.
What the Co-Founder has to say: “The company has a clear advantage as it has locked in a lot of offline merchants ranging from the country’s largest convenience stores and supermarket chains to coffee shop chains” said by Ba Diep Nguyen Co-Founder of MoMo Company.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Article
