Vietnam fintech startup MoMo eyes $2B+ valuation as digital payments boom

Vietnam’s fintech race is heating up, and MoMo is right at the center of it. The Vietnamese digital payments startup is exploring strategic options, including bringing in new investors, in a move that could value the business at more than $2 billion, according to two people familiar with the discussions. The talks are still early, and there’s no guarantee a deal will happen.

According to Reuters, MoMo has hired Jefferies and Morgan Stanley to run the process after drawing interest from both strategic buyers and financial investors, the sources said. MoMo and Morgan Stanley did not respond to requests for comment, and Jefferies declined to comment.

“Vietnamese fintech firm MoMo is exploring strategic options, including ‌bringing in new investors, that could value the company at more than $2 billion,” Reuters reported, citing two sources familiar with the matter.

The renewed investor interest comes as Vietnam’s shift toward cashless payments continues to accelerate. Digital wallets, online lending, and app-based financial services are gaining ground across the country, creating a wave of opportunity for companies that already have scale and user trust.

MoMo appears to have both. Founded in 2010, the company began as a mobile payments platform and has since grown into what it calls a financial services “super app.” Today, it spans payments, consumer lending, insurance, savings, investments, and merchant tools, all within a single platform. The company says it serves more than 30 million users and has built a wide network for digital transactions across Vietnam.

That scale is arriving at the right moment. Bain’s 2025 e-Conomy SEA report projects Vietnam’s digital payments market will reach $178 billion in transaction value in 2025, up from $150 billion in 2024. The longer-term outlook is even larger, with estimates ranging from $300 billion to $400 billion by 2030.

MoMo’s financial position has also strengthened. The company has been profitable since 2024, a milestone that sets it apart in a sector where many players are still chasing growth over earnings. That shift could make it more appealing to investors looking for businesses with clearer paths to sustained returns.

An IPO had been on the table. Reuters reported earlier that MoMo was targeting a public listing by 2025. The two sources said that the plan is not part of the near-term strategy.

The company last raised major funding in 2021, when it secured $200 million in a round led by Mizuho Bank. Since then, MoMo has focused on broadening its offerings for both consumers and small businesses, pushing deeper into Vietnam’s digital finance ecosystem.

For now, the question is whether that momentum translates into a deal. Interest is there. The market is moving. What remains uncertain is how far those early conversations will go.

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