M-Service Joint Stock Company who owns the MoMo APP has received $28 million USD from Standard Chartered Private Equity (SCPE) and Goldman Sachs. SCPE invested $25 million USD, and Goldman Sachs invested $3 million USD. Goldman Sachs previously invested $5.75 million USD in 2013, so the company now has total investment of $8.75 million USD in the company.
The MoMo APP provides mobile phone electronic wallet (e-wallet) and payment services so that users can conduct financial transactions and pay utility bills and other individual consumer items through its partnership with 24 local banks.
MoMo currently has currently has 2.5 million users in Vietnam and transaction points across 45 cities and provinces, helping to bring its payment services to both cities and rural areas. Its goal is to allow consumers convenience in conducting their financial transactions everywhere, on a 24/7 basis.
MoMo is the first e-wallet in Vietnam to have its APP on mobile phones. The Vietnamese financial technology firm is targeting 7 million users in three years and plans to increase its network with local banks to 11,000 agents by 2017.
MoMo desires to make a breakthrough to cope with shortcomings in means of payment and banking in Vietnam where credit card use is low and banking services have been unable to reach remote rural areas. This latest round of investment funding will be used by MoMo to strengthen its technology infrastructure, grow its presence across the country and develop new services for consumers and corporate users.