Standard Chartered Private Equity (SCPE), the PE arm of SCB, put in USD 25 million to lead the round, while Goldman, which invested USD 5.7 million back in 2013, added a further USD 3 million.
Momo offers two services in Vietnam: a mobile wallet and payment app, launched in tandem with SCB in 2015, and a “branch-less” banking service for those without a traditional bank account. The company claims to have 2.5 million customers, one million of whom use the e-wallet.
Momo currently works with more than 100 service providers on the payment app side of its business. The banking service, which started first, is designed to provide a bridge for consumers without a bank account and perhaps even a smartphone. It has a network of over 4.000 independent agents, through whom customers can load cash into their account, withdraw it when they want, make bill payments, and other activities that you’d do with a regular bank account.
With this new funding, Momo plans to grow its banking network to 11.000 agents by the end of 2017, and work on increasing the retail and merchant partners on its payment platform.
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