The Vietnamese mobile wallet and payments company raised $3m from previous investor Goldman Sachs and $25m from Standard Chartered Private Equity.
Momo is currently focused on the Vietnamese market, but has disclosed it is considering moving into other markets in South East Asia.
Vietnam is picking up attention as tech market. Smartphone ownership is growing briskly among its population of 90 million while, with one-quarter of the population aged under 25, there’s real potential for disruptive technology to gain mainstream attention. Momo is looking to take advantage of those conditions and use tech, and mobile in particular, as the vehicle for payments and banking in the country, where credit card adoption is low and banking services don’t often cover remote areas. The company draws inspiration from payment services like Alipay in China, which counts 500 million registered users, and celebrated mobile banking platforms like MPesa in Africa.