MoMo, Vietnam's first and only mobile wallet service, has raised US$25 million from Standard Chartered Private Equity and $3 million from Goldman Sachs, according to a media report Thursday.
News website VnExpress said the private equity arm of the British-owned Standard Chartered Bank is investing for the first time while the US investment bank had invested $5.75 million in a first round of funding in 2013.
Pham Thanh Duc, CEO of the company, was quoted as saying that the new funding would help MoMo expand its services and network of agents around the country to 11,000 from 4,000 at the moment.
More than 1.5 million Vietnamese use MoMo, which allows them to cash out their electronic credits at agents. They also can transfer and receive funds and pay for more than 100 services through its mobile app, available on both Apple Store and Google Play.
MoMo partners with 24 banks in Vietnam, including Vietcombank and Standard Chartered.