M-Service, the Vietnam-based payment technology provider backed by financial services firm Standard Chartered, has raised more than $100m in series D funding, DealStreetAsia reported yesterday.
Venture capital firm Goodwater Capital and private equity firm Warburg Pincus co-led the round, which also featured Kora Management, Macquarie Capital, Affirma Capital and Tybourne Capital Management.
M-Service is the owner of Momo, a mobile wallet with 23 million registered users that offers one-touch online payment to its users through partnerships with 28 Vietnamese banks.
The company aims to increase its user base to 50 million, at which time it would look to begin offering data-based services such as credit scoring to financial services firms, co-founder and vice-chairman Nguyen Manh Tuong told DealStreetAsia.
The capital will also fund the creation of a corporate venturing unit called Innovation Ventures which will look to boost the Momo ecosystem through strategic investments in local app developers.
Warburg Pincus had led a 2019 series C round for the company in 2019 that was sized below $100m, according to DealStreetAsia.
Standard Chartered’s Private Equity subsidiary led a $28m series B round for M-Service in 2016, participating alongside investment banking group Goldman Sachs. It came in the wake of $5.75m in series A financing from Goldman Sachs three years earlier.
