Momo is the mobile‑wallet and payment app product of parent company M‑Service, founded over a decade ago. It began as an e‑wallet and has expanded into utility bill payments, mobile top‑up, movie tickets, airline bookings and payments at roughly 100,000 payment points nationwide. The app claims about 10 million downloads and has begun offering bill payment for loans while developing a credit‑scoring system to enable additional financial services in partnership with institutions. Momo partners with companies such as Facebook and Google and will soon work with Apple. Management says the company is focused on expanding its domestic user base for the next two to three years rather than pursuing international markets. The product strategy is modeled on Alipay and WeChat Pay, moving from payments into broader financial services. Momo operates a mobile wallet and payment app alongside a branch-less banking service that serves unbanked customers via an agent network. The company claims 2.5 million customers, including one million e-wallet users, and works with more than 100 service providers. Its banking service has a network of over 4,000 independent agents that allow customers to load and withdraw cash and pay bills. Momo plans to expand its agent network to 11,000 by the end of 2017, grow retail and merchant partners on its payment platform, and invest heavily in technology. The company has over 300 staff and would be at break even if it halted its current expansion strategies. Momo is focused on the Vietnamese market for at least the next two years before considering regional expansion.

Total raised

$28M

Funding rounds

2

Latest round

Equity

Latest activity

Mar 2016