A major Vietnamese financial technology company is considering strategic moves that could bring its valuation to more than $2 billion, according to industry sources familiar with the discussions.
MoMo, Vietnam’s leading digital payment platform, has been examining various strategic alternatives, including the possibility of adding new investors to its roster. Two knowledgeable sources revealed that the company has achieved profitability as of 2024.
Investment banking giants Jefferies and Morgan Stanley have been brought on board to oversee the process following expressions of interest from both strategic partners and financial backers, the sources indicated.
However, the conversations remain in preliminary phases and there’s no guarantee they will lead to any final deal, noted the sources, who requested anonymity due to the confidential nature of the talks.
When contacted for comment on Tuesday, neither MoMo nor Morgan Stanley provided immediate responses. Jefferies chose not to comment on the matter.
This investor attention coincides with expectations that Vietnam’s digital financial services sector will continue its upward trajectory as consumers increasingly embrace cashless transactions and digital financial products become more mainstream.
Research from Bain featured in the 2025 e-Conomy SEA report forecasts Vietnam’s digital payment transaction volume will climb to $178 billion this year, up from $150 billion in 2024, with projections reaching between $300 billion and $400 billion by the decade’s end.
Established in 2010, MoMo has evolved beyond its original mobile payment roots to become what the company describes as a comprehensive financial services “super app” offering payment processing, consumer loans, insurance products, savings options, investment services, and merchant solutions within Vietnam’s rapidly developing economy.
The platform reports serving over 30 million customers and has established an extensive nationwide infrastructure for digital financial transactions.
While Reuters had previously reported that MoMo was planning a public stock offering by 2025, both sources indicated that an initial public offering is not currently under immediate consideration.
The company’s most recent significant funding effort took place in 2021, when it announced securing $200 million in investment with Mizuho Bank serving as the lead investor.
Last year, MoMo announced plans to broaden its service offerings for both individual consumers and small enterprises as part of its comprehensive digital finance expansion strategy.
