SCPE, Goldman invest $28m in Vietnam's M_Service

SCPE put in $25 million to lead the round, while Goldman provided a further $3 million. Bert Kwan, head of ASEAN at SCPE, has joined MoMo's board of directors.

MoMo's mobile app provides e-wallet and over-the-counter (OTC) remittance and payment services. The company claims to have 2.5 million customers, one million of whom use the e-wallet. In addition to the online platform, MoMo has a physical network of 4,000 OTC agents across 45 provinces in Vietnam, serving about 1.5 million customers without transaction banking accounts and smartphones.

Goldman invested $5.75 million in the company in 2013. 

The new funding will be used to launch new products and services, expand bank and merchant connectivity, as well as to extend the nationwide installation of MoMo point-of-sale terminals at retail outlets.

In 2014, SCPE completed two transactions in Vietnam, including a $90 million investment in agribusiness player An Giang Plant Protection (AGPP) and a $35 million commitment to restaurant operator Golden Gate. In the fintech space, SCPE participated in a $207 million Series C round for Chinese peer-to-peer (P2P) online lending platform Dianrong last year.

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• Topics
• Southeast Asia
• Venture
• Financials
• Technology
• Vietnam
• Growth capital
• Standard Chartered Private Equity
• Financial Services
• Goldman Sachs