Warburg Pincus invests in Vietnamese ewallet service provider
Vietnamese ewallet service provider MoMo on January 16 announces that it has received investment from Warburg Pincus, a U.S.- based private equity firm.
HCMC - Warburg Pincus, a private equity firm headquartered in the United States, today officially invested in Vietnamese ewallet service provider MoMo, Thanh Nien Online reported.
Although the total investment value and percentage of shares acquired remain unknown, MoMo revealed that the fund backed by the American investor was the highest amount so far that foreign firms had ever invested in the local fintech sector.
Pham Thanh Duc, general director of MoMo, noted that the support from Warburg Pincus will enable MoMo to develop a digital payment platform in the country, creating opportunities for more Vietnamese to access digital financial services.
Earlier, Momo was backed with combined investment packages of US$28 million from Standard Chartered Private Equity and Goldman Sachs in March 2016. This means the investment amount contributed by Warburg Pincus is equal to or higher than this figure.
A MoMo representative said the capital from the American investor will be used for investing in its technology, expanding its customer base and business partner network, increasing the number of transaction points and investing in manpower to meet the growing demand of customers.
MoMo serves over 10 million customers and collaborates with more than 10,000 business partners in various fields, providing 100,000 transaction points.
Source: The Saigon Times