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Technology

Vietnam e-wallet MoMo gains unicorn status with $200m investment

Cash floods into heated payments contest against Grab's Moca and VNG's Zalo

One of the cafes in Ho Chi Minh City that accept MoMo payments. (Photo by Lien Hoang)

HO CHI MINH CITY -- Vietnam's biggest e-wallet, MoMo, said on Tuesday it had raised $200 million in its latest funding round as it looks to widen the gap with dozens of other digital payment startups in a hotly contested race awash with investor funding.

The investment, a Series E round led by Mizuho, puts MoMo among a handful of unicorns in Vietnam, with the Japanese bank injecting $170 million for a 7.5% stake in the company, Nikkei previously reported. This values the e-wallet company at $2.27 billion.

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