Vietnam-based fintech developer M-Service has secured $28m in a series B round led by Standard Chartered Private Equity, an investment vehicle of financial services firm Standard Chartered, according to Reuters.
The round also featured investment bank Goldman Sachs, which previously supplied $5.75m in series A capital for M-Service in 2013.
M-Service operates a payment platform named Momo that functions as a digital wallet and offers over-the-counter remittance. The company claims it serves 2.5 million customers, with one million using the digital wallet service.
Bert Kwan, head of Association of Southeast Asian Nations at Standard Chartered Private Euqity, will join the company’s board. He said: “It is extremely exciting to support Momo’s broader mission of promoting financial inclusion across Vietnam.”