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Vietnam-based fintech startup Momo today announced it obtained US$28 million in series B funding from Standard Chartered Private Equity and global investment bank Goldman Sachs, which is an existing backer.
Launched in 2014, Momo is an ewallet and payments app that allows users to pay online and transfer money to each other digitally. At selected stores, the app can be used for cashless payments.
The company also has a physical network of over 4,000 over-the-counter agents where people can remit money and avail of other financial services through Momo.
Momo claims to process millions of transactions daily for its over 2.5 million users in Vietnam, where banks and smartphones are not accessible in some areas.
CEO Pham Thanh Duc says the startup will use the fresh investment to “accelerate Momo’s growth by continuing to invest in the launching of new products and services, expanding bank and merchant connectivity, and extending the nationwide installation of Momo point-of-sale terminals at retail outlets.”
He adds that Standard Chartered and Goldman Sachs are the right partners because of the synergies Momo could create with them.
Goldman Sachs previously invested US$5.75 million in Momo. Standard Chartered, for its part, teamed up with Momo to provide the “Straight2Bank” wallet payments for the bank’s corporate clients in Vietnam. The service enables corporations and government organizations to make payments directly to their beneficiaries via the Momo wallet.
Image by Gonzalo Baeza via Flickr.