Vietnam’s MoMo weighs options including new investors at valuation above $2 billion, sources say

By Phuong Nguyen and Yantoultra Ngui

HANOI/SINGAPORE, April 7 (Reuters) – Vietnamese fintech firm MoMo is exploring strategic options, including bringing in new investors, that could value the company at ​more than $2 billion, according to two sources with ‌knowledge of the matter.

The digital payments company, which has been profitable since 2024, has engaged Jefferies and Morgan Stanley to run the process after receiving interest from strategic and financial investors, the sources said.

The deliberations are at ‌an ​early stage and may not result in ⁠a transaction, said the ⁠sources, who declined to be identified because the discussions are private.

MoMo and Morgan Stanley did not immediately respond to requests seeking comment on Tuesday.

Jefferies declined to comment.

The interest from investors ​comes with Vietnam’s digital financial services market expected to keep expanding as cashless payments gain ground and online financial products ⁠become more widely used.

Bain analysis in ⁠the 2025 e-Conomy SEA report projected Vietnam’s total ​digital payment transaction value would rise to $178 billion in 2025, from $150 ​billion in 2024, and reach $300 billion to $400 billion by ‌2030.

Founded in 2010, MoMo has grown from a mobile payments platform into what it calls a financial services “super app” spanning payments, consumer lending, insurance, savings, investment and merchant tools in Vietnam’s fast-growing ⁠economy.

The company says it serves more than 30 million users and has built a broad nationwide network for digital transactions.

Reuters previously reported MoMo ⁠was targeting an ‌initial public offering by 2025, but both sources ⁠said an IPO was not on the ​near-term agenda.

The ‌company completed its last major fundraising round ​in 2021, ⁠when it said it had raised $200 million from investors led by Mizuho Bank.

MoMo said last year it was expanding services for consumers and small businesses as part of a broader digital finance push.

(Reporting by Phuong Nguyen in Hanoi and Yantoultra Ngui in Singapore; Editing ​by Kevin Buckland)