MoMo cements its position as the number one e-wallet and digital financial services platform in Vietnam with another year of record-breaking growth in 2018 on the back of the Series C investment led by Warburg Pincus, a leading global private equity firm.
The company’s performance has been underpinned by the rapid uptake of mobile payments as the country’s digitally-savvy population embraced the convenience of making cashless transactions on their mobile devices, both online and offline.
“Last year was a transformational period for MoMo,” said Pham Thanh Duc, the CEO of MoMo. “The company posted its largest ever transaction volume and number of active users and we have significantly extended our lead as the platform of choice in the Vietnamese digital payments market.”
The company has just announced that MoMo now serves nearly 10 million users on its e-wallet platform and is the country’s most downloaded e-wallet app in 2018.
The volume of transactions processed on MoMo’s platform has grown by more than three times over the course of the year.
The introduction of new innovative payment features, exclusive merchants and attractive promotional campaigns on MoMo’s platform have led to its record high adoption rates among Vietnamese customers.
Today, Momo has rapidly developed into a lifestyle “super-app” which allows customers to not only buy telco credits, send money or pay their bills but also to buy movie tickets, book airline trips, buy insurance policies and pay for goods and services at more than 100,000 payment points across the country –including popular chain stores such as Circle K, Ministop and FPT Shop.
For its achievements, MoMo was named in 2018 as a top fintech company and the only Vietnamese firm in both KPMG’s Fintech100 and IFC’s Financial Inclusion in Digital Age.
MoMo’s growth was accelerated by its Series C fundraise last year which was led by an affiliate of Warburg Pincus, a leading global private equity firm and the largest private equity investor in Vietnam.
The new funding has equipped the company with enormous resources to significantly expand MoMo’s footprint and realise its ambition to develop millions of payments points across the country.
Nguyen Manh Tuong, MoMo’s executive vice chairman, said: “Vietnam is entering its next stage of growth which will require a robust and inclusive financial services ecosystem. MoMo is committed to realise that vision by accelerating the adoption of digital payments and enable equal opportunities for all Vietnamese to benefit from the digital economy.”
This January, MoMo is launching its largest-ever “Lucky New Year” campaign for the festive Vietnamese Lunar New Year period in partnership with more than 40 brands which would allow MoMo’s users to not only exchange digital gifts between families and friends but also receive attractive lucky rewards which are redeemable at MoMo’s partner stores.
This campaign follows the massive success of its inaugural red envelope programme last year which became the most viral digital gifting campaign in the country with over three million digital red envelopes exchanged between MoMo’s users.
MoMo will also continue to invest in technology, including in areas such as AI, security and big data capabilities, in order to deliver innovative financial services solution and serve the unmet needs of consumers.
As a home-grown Vietnamese technology company, the company also plans to cultivate top local and overseas talents who share its mission for greater financial inclusion in the country.