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Tag: MoMo

  • E-wallet MoMo buys stake in securities firm

    E-wallet MoMo buys stake in securities firm

    The owner of e-wallet MoMo has purchased more than 4.4 million shares, or a 49 stake, in Hanoi-based CV Securities JSC (CVS). The deal was struck Thursday and Online Mobile Services JSC, or M Service, has received more than 4.4 shares from two shareholders of CVS – its vice chairman Jiang Wen and general director Nguyen Kim Hau – the securities firm said in a statement sent to the State Securities Commission of Vietnam (SCC).

    Established in 2009, CVS was first known as Hong Bang Securities JSC and renamed Hung Thinh Securities in 2015. The company also moved its headquarters from Ho Chi Minh City to Hanoi.

    Its annual revenue was VND4.4 billion ($190,000) and VND4.8 billion in 2020 and 2021 respectively. As of the first quarter of 2022, CVS had recorded a cumulative loss of more than VND80 billion.

    The new deal makes M_Service the second fintech firm to invest in a securities company after Finhay, who bought shares in Vina Securities early this week.

    Both Momo and Finhay are invested in by Thien Viet Securities (TVS). As of March 31, TVS recorded the original cost of investment in M_Service at VND27.8 billion and nearly VND62.5 billion at Finhay.

    Momo had 31 million users and 140,000 payment acceptance points last year. The wallet is now a partner of more than 50 banks, and financial and insurance companies.

    The e-wallet has completed a $200-million Series E funding round funded by a consortium of investors led by Japan’s Mizuho Bank. Investment funds Ward Ferry, Goodwater Capital and Kora Management make up the rest of the consortium.

    A media representative said he could not announce a specific figure, but MoMo’s valuation exceeds $2 billion, making it a startup unicorn.

  • Mobile wallet MoMo says valuation tops $2 bln after funding

    Mobile wallet MoMo says valuation tops $2 bln after funding

    Vietnam’s biggest e-wallet company, MoMo, said it had raised $200 million from four investors led by Mizuho Bank, pushing its valuation above $2 billion.

    The consortium of investors also comprised Ward Ferry Management and existing shareholders Goodwater Capital LLC and Kora Management, MoMo said in a statement Tuesday.

    The exact valuation of the company was not revealed but according to Nguyen Manh Tuong, co-founder of the Ho Chi Minh City-based startup: “We focus on performance not valuation, but we crossed $2 billion valuations after this round.”

    The company has previously said it intended to go public by 2025.

    Momo is Vietnam’s largest e-wallet by users and aims to double the number of users to 50 million in the next two years, the company said in January.

    Financial technology has gained more traction in the country of nearly 98 million people during the Covid-19 pandemic, with retailers going online and consumers seeking contactless payment options.

    The latest funding round would support the growth of MoMo as an all-in-one smartphone application or “super app” which offers multiple services, which have proved successful in countries like China and Indonesia.

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  • Momo becomes first Vietnamese Fintech 100 firm

    Momo becomes first Vietnamese Fintech 100 firm

    Vietnam’s mobile, electronic wallet and payment application Momo is among the top 100 innovative fintech companies in the world. This is the first time a Vietnamese firm has broken into this special group, positioned 84th. Momo is also in the “Emerging 50” category, which includes newer companies that are at the forefront of innovative technologies and practices.

    Its products help customers in Vietnam make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans, and purchase services like software licenses and online game cards, airline and movie tickets, etc.

    The company’s payment system partners with 24 domestic banks and foreign payment networks, including JCB, MasterCard, and Visa.

    A judging panel comprised of senior partners from H2 Ventures and KPMG decided the final composition of the Fintech100 list.

    H2 Ventures is a global thought leader in fintech venture capital investment while KPMG is a global network of independent member firms offering audit, tax and advisory services.

    Companies were ranked based on total capital raised, rate of capital raising, location and degree of sub-industry disruption and the judging panel’s subjective rating of the degree of product, service, customer experience, and business model innovation.

    Other newcomers to the list include Argentina, Bahrain, Colombia, Czech Republic, Indonesia, Jordan, Malaysia, Myanmar, United Arab Emirates, and Thailand.

    Leading the ranking this year are China’s Ant Financial, the world’s largest third-party payments platform, JD Finance, a digital technology company and Singapore’s ride hailing firm Grab.

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  • Vietnam payment platform wins PE funds

    Vietnam payment platform wins PE funds

    A Vietnam payment platform start-up has received a US$28 million shot in the arm from private equity investors.

    M_Service, which launched the mobile e-wallet MoMo, received the boost from Standard Chartered Private Equity (SCPE), which invested $25 million, and existing shareholder and strategic investor Goldman Sachs, which added $3 million to its initial $5.75 million investment of 2013.

    More than half of Vietnam’s population of 90 million use the internet, and the app provides a useful service in a country where there are few debit or credit card users. Government data shows that mobile phone subscribers in Vietnam grew 26 per cent to 124 million during 2009-2013..

    Smartphone app MoMo provides eWallet services and over-the-counter remittance and payment platforms for a customer base of 2.5 million people, and already claims to have more than 1 million customers.

    “It is extremely exciting to see financial support and the customer base for MoMo growing,” says M_Service general director Pham Thanh Duc.

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