MoMo, the first and only mobile wallet service in Vietnam, has raised around US$30 million from foreign investors, news website ICTnews reported on Thursday, citing an unnamed source.
A representative of MoMo's operator M-Service JSC refused to confirm the deal's value, with details expected to be announced next month, the website reported.
Founded in June 2014, MoMo allows its users to transfer and receive funds and pay for a wide range of services through its mobile app, available in both Apple Store and Google Play. Users can also cash out their electronic credits at its agents around the country.
It is now partnering with 24 banks in Vietnam, including Vietcombank and Standard Chartered, according to the news report.
In a statement released in September last year, M-Service said one million Vietnamese used MoMo services.