Vietnamese fintech firm MoMo is in early-stage discussions about bringing in new investors at a valuation of more than US$2 billion, according to Reuters reporting from April 7, 2026, citing two people familiar with the matter. The company, which operates Vietnam’s leading financial super app and has been profitable since 2024, has retained Jefferies and Morgan Stanley to manage the process after receiving interest from both strategic and financial investors.
Key Facts At A Glance
- Disclosure date: April 7, 2026; reported by Reuters citing two sources with knowledge of the matter
- Indicative valuation: more than US$2 billion
- Mandated advisers: Jefferies and Morgan Stanley
- Status: early-stage deliberations; no transaction guaranteed
- MoMo’s last major funding round: US$200 million Series E in December 2021, led by Mizuho Bank
- Total funding raised to date: approximately US$434 million across five rounds
- Users: more than 30 million across Vietnam
- Profitability: achieved in 2024, the first year MoMo reported profitable operations
- IPO status: not on the near-term agenda, per sources cited by Reuters
- Vietnam digital payments market projection: US$178 billion in transaction value in 2025, rising to US$300–400 billion by 2030, per Bain analysis in the 2025 e-Conomy SEA report
From E-Wallet To Super App
MoMo was launched in November 2010 as a mobile payments platform under its legal entity M_Service Joint Stock Company, headquartered in Ho Chi Minh City. What began as a SIM-card-based service for money transfers and mobile top-ups evolved by 2014 into a smartphone application, and subsequently into one of Vietnam’s most widely used financial platforms. The company now spans consumer lending, insurance, savings, investment products, and merchant services, alongside its core payments infrastructure.
MoMo reports serving more than 30 million users and partnering with more than 70 banks and financial institutions as well as more than 300,000 payment acceptance points nationwide. Its investor base includes Warburg Pincus, Standard Chartered, Goodwater Capital, Kora Management, Ward Ferry Management, and Mizuho Bank, which led the Series E round in December 2021 that first pushed MoMo’s valuation above the US$2 billion mark and cemented its status as Vietnam’s fourth technology unicorn.
The Investment Process
According to Reuters, MoMo has retained Jefferies and Morgan Stanley to run the investor process after receiving inbound interest from both strategic buyers and financial investors. The discussions are at an early stage, and the sources who disclosed them declined to be identified because the talks are private. MoMo and Morgan Stanley did not respond to requests for comment; Jefferies declined to comment.
The renewed investor activity marks MoMo’s first significant capital process since the 2021 Series E. Reuters had previously reported that MoMo was targeting an initial public offering by 2025, but sources cited in the April 2026 report said a listing is not on the near-term agenda. The company’s achievement of profitability in 2024 gives it greater flexibility to weigh strategic options without relying on public markets for liquidity.
Vietnam’s Digital Payments Context
The investor interest arrives as Vietnam’s digital financial services market continues to expand. Bain’s analysis in the 2025 e-Conomy SEA report projected Vietnam’s total digital payment transaction value would rise to US$178 billion in 2025 from US$150 billion in 2024, with the market expected to reach between US$300 billion and US$400 billion by 2030. Vietnam’s mobile payments market, which encompasses super apps, QR code payments, and bank-linked digital wallets, was estimated at approximately US$40.5 billion as of 2026, according to industry research.
The State Bank of Vietnam has been a significant driver of this growth through its National Payment Strategy, which has promoted QR code interoperability across platforms, supported regulatory sandboxes for fintech innovation, and encouraged collaboration between traditional banks and digital financial service providers. MoMo has been a participant in several of these initiatives, including the piloting of eKYC for credit applications and embedded finance services.
MoMo operates in a market where ZaloPay, backed by VNG Corporation, and VNPay remain its principal domestic competitors. Despite the competitive landscape, MoMo has maintained its position as Vietnam’s most widely used digital wallet and has continued to expand its product scope beyond payments into lending, savings, and insurance in a model that mirrors the super app trajectory established by platforms such as Alipay in China.
Publicly available information does not yet disclose which specific strategic or financial investors have expressed interest, the expected timeline for the process, or the commercial terms under discussion.