MoMo, Vietnam's largest digital wallet platform by user base and transaction volume, is exploring a new funding round with prospective strategic investors at a valuation of more than $2 billion, according to sources familiar with the matter. The Ho Chi Minh City-based company has engaged investment banks Jefferies and Morgan Stanley to manage the process, people with knowledge of the discussions said, as reported on 7 April 2026. The formal engagement of two prominent advisory firms signals that the exploration has advanced beyond preliminary conversations into a structured and serious mandate.
The move represents the first significant capital-raising exercise MoMo has undertaken since Japanese banking group Mizuho led a $200 million investment in the company in 2021. Sources indicated that MoMo is not currently focused on a near-term initial public offering, positioning the current exercise as a strategic transaction aimed at bringing in a partner with operational or financial capabilities that complement those of the existing investor base, rather than a step towards public markets in the short term.
PROFITABILITY AND TRANSACTION VOLUME SUPPORT CASE
MoMo reported that it has been profitable since 2024 and counts more than 30 million registered users, a substantial share of Vietnam's population of approximately 98 million. The company processed 5.5 billion transactions in the first quarter of 2025, a figure that speaks to the depth of its integration into everyday payment habits for Vietnamese consumers, small businesses, and online merchants. That combination of profitability and scale provides the platform with a compelling narrative for investors evaluating the digital payments opportunity in Southeast Asia.
Vietnam's payments market has expanded rapidly alongside rising smartphone ownership, expanding internet connectivity, and sustained government policy encouraging a broader transition away from cash-based commerce. MoMo has benefited disproportionately from that structural trend given its early mover advantage and the breadth of its partner ecosystem, which spans e-commerce platforms, utility bill payment services, food delivery applications, and urban transport networks. The company's ability to embed its wallet into multiple everyday consumer touchpoints has reduced churn and meaningfully increased transaction frequency among its active user base.
STRATEGIC PARTNER COULD SHAPE NEXT PHASE
The nature of the investor MoMo ultimately selects is expected to signal the platform's next strategic chapter. A partner with banking infrastructure, regional distribution capabilities, or complementary technology assets in adjacent financial services could accelerate MoMo's evolution beyond payments into consumer lending, insurance, and savings products — areas where Vietnam's regulatory framework for digital-first providers has been gradually opening, creating significant opportunities for established wallet platforms with existing customer relationships, high transaction frequency, and strong brand recognition among Vietnamese consumers.
MoMo's last external valuation was not publicly disclosed following the Mizuho round in 2021, making the $2 billion-plus figure cited in the current process a meaningful milestone in the company's public positioning and a reference point for assessing how far the business has grown in users, transaction volumes, and financial performance since that earlier investment. MoMo has not commented publicly on the reported process, a stance consistent with the confidential nature of pre-deal investor discussions at this stage of any formal transaction of this kind.