M_Services JSC, the company behind MoMo, a Vietnam-based mobile e-wallet and remittance and payment platform, raised $28m in funding.
Backers included Standard Chartered Private Equity and global investment bank Goldman Sachs (NYSE: GS).
The company will use the funds to continue to invest in the launching of new products and services, expanding bank and merchant connectivity, and extending the nationwide installation of MoMo point-of-sale terminals at retail outlets.
Led by Pham Thanh Duc, M-Service JSC’s Chief Executive Officer, MoMo provides a mobile e-wallet and over-the-counter remittance and payment platform. With over 1 million mobile e-wallet customers, it gives customers access to more than 100 services, including money transfer, bill payment, collection and disbursement, and mobile commerce via a smartphone app. In addition, a physical network of over 4,000 OTC agents across 45 provinces provides services for 1.5 million customers throughout areas of Vietnam where banking services and smartphone network are less prevalent.