Vietnam: Vietnam-based payments app Momo has raised an undisclosed amount in Series D financing, says a DealStreetAsia report.
The fresh funds will be used to drive Momo’s ambition of becoming a super-app and kickstart its own investment arm, called Innovation Ventures, to “back local startups that can be integrated into Momo’s app“.
Founded in 2007, Momo offers a mobile, electronic wallet, and payment apps for iOS and Android devices. Its range of products include cash transfers, mobile phone recharges personal loans and services, such as software license and online game cards.
Vietnam’s digital payments vertical, especially contactless payments, has witnessed a stupendous growth following the onset of COVID-19.
Although cash-on-delivery has been the most popular mode of purchase in Vietnam, the trend is seeing a big shift thanks to the behavioural change forced by the pandemic.