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StanChart PE, Goldman invest mega-bucks in Vietnam start-up

Thursday, 16:27, 17/03/2016
VOV.VN trên Google News

VOV.VN - A private-equity arm of Standard Chartered Plc and Goldman Sachs have invested a combined US$28 million in Vietnamese start-up M_Service, the operator of mobile e-wallet MoMo, the companies have unveiled in a joint statement.

Standard Chartered Private Equity (SCPE) invested US$25 million, while Goldman Sachs, an existing shareholder and strategic investor, put in an additional US$3 million on top of its initial US$5.75 million investment in 2013, the statement said.

Smartphone app MoMo provides e-wallet services and over-the-counter remittance and payment platforms for a customer base of 2.5 million people, the statement added. It claimed to have more than 1 million mobile e-wallet customers.
More than half of Vietnam's 90 million population are Internet users as of last year, while the number of mobile phone subscribers in Vietnam grew 26% to 124 million during 2009-2013, data from the government show.
  

It is extremely exciting to see financial support and the customer base for MoMo growing, said Pham Thanh Duc, general director of M Service JSC.

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