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Friday, December 1, 2023

Vietnamese Fintech start-up Momo raised $28 Million in funding from SCB and Goldman Sachs

Vietnam-based fintech and payment start-up Momo has recently announced the recently raised $28 Million funding in a series B round primarily led by Goldman Sachs and  Standard Chartered Bank. Momo is one of the best payment applications being use across Vietnam. As per momo 28m series goldmanrusselltechcrunch

Vietnam-Based Start-up Momo

The Vietnam-based Start-up was found in 2007 with the vision to expand digital financial inclusion throughout the nation. The Headquarters of Momo is located in Ho Chi Minh City, Vietnam. Momo application offers multiple services such as digital wallets, bill payments, loan services, money transfer services, online payments, and many other services to its users. With a variety of solutions provided, this app serves as a multi-purpose application and a one-stop solution for users across Vietnam.

The startup is a subsidiary company of M_Service and was co-founded by Nguyen Tuong and  Diep Nguyen when they observe the requirements of people. With Momo, you can look out for restaurants, flights, and shopping stores and make online as well as in-store payments there.

The start-up has dedicated safety and privacy of your payment information and is safe and secure to use. Users can add their bank account in the app and continue to transfer the money which comes up along with the digital wallet facility for hassle-free payment services. Mobile recharge facility is also available with some clicks on the app. Not only restricted to payment services, the leading fintech application also provides additional information about multiple things on its platform. Some competitors of Momo in Vietnam are Moca and Gojek. 

Chief Executive of Momo Start-up

The current Chief Executive Officer of the famous fintech start-up is Nguyen Manh Tuong, who is also a co-founder of the organization.  While the parent company of Momo is M_service, Pham Thanh Duc, CEO, M_Service said that their application “Momo” has a variety of features available, that can be use by people.  They are now going to invest and make use of technology for upgrading their solutions and services, such as merchant payment solutions.

He also said that currently, Momo has no plans to expand its operations outside Vietnam, however, in the future, it can enlarge its functioning to other countries including Myanmar and Indochina. At first, the company only had banking services but further introduced a second effective service known as E-Wallet. Along with the virtual and online services provided by Momo, the start-up also has a network of 4000 partners physically available dedicated to citizens of Vietnam. Momo is in wide usage among the people of Vietnam for its trouble-free services. As per momo 28m series goldmanrusselltechcrunch

 The latest raised funding of $28 million will be use by the company to expand and include other variety of services to its platform. Further, technology will play a major role in the work operation of the company as said by the CEO of its parent company. They are also planning to bring its solutions in the light of people living in Remote areas of the country. According to the start-up itself, By the end of the succeeding year, it plans to escalate its payment network to a great extent. Having Million of users active on its platform, the start-up is reaching new heights in the track of ease of payment and digital wallets. As per momo 28m series goldmanrusselltechcrunch

Standard Chartered Bank and Goldman Sachs

Standard Chartered Bank and Goldman Sachs played the role of prime investors in this series B funding round. Standard chartered bank is a major private-sector Multinational Bank headquarter in London, England. It was forme by the merger of Chartered Bank and Standard Bank.  The Chartered Bank of India, Australia, and China were found in 1853, while the Standard Bank of Britain and South Africa was found in 1862. Both of the banks merge in 1969 and were named Standard Chartered. Standard Chartered bank provides various banking and investment services to its clients and customers. 

Goldman Sachs is a leading international bank established in 1869 by Marcus Goldman and Samuel Sachs and is headquarter in New York, United States of America. Both of the investors of Momo are leading global banks.

Momo has already received funding from Goldman Sachs in Jan 2013. A total of $5.8 Million have been raise in January 2013 in a series A round from the leading multinational bank, Goldman Sachs. Combined, Momo bagged a total of $33.8 Million through Standard Chartered Bank and Goldman Sachs. As per Standard Chartered Bank and Goldman Sachs

Initially, starting from some bank banking services to a devoted E-wallet and other additional services for ease of the user, the start-up has made various advancements in its path and is continuously working to bring new advancements and upgradation in the online payment sector. This freshly raised investment is going to make various changes in the service areas and functionality of the firm. Now what we have to see is, when Momo will make an appearance in the international market in other countries as well.  

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