HANOI/SINGAPORE - Several large investment firms are reported to be competing to acquire a stake in MoMo, the Vietnamese digital payments and financial services app, as the company moves forward with a partial sale process.
Two people with direct knowledge of the matter said Blackstone, CVC Capital Partners and Japan’s MUFG are among the parties that have submitted interest. Those people asked not to be identified because the process is private. According to these sources, binding bids are scheduled for September.
The size of the stake on offer has not been finalised, one source said, though another person with knowledge of the discussions indicated the share could be as large as 50 percent. The parties involved cautioned the process is ongoing and may not culminate in a transaction.
MoMo released a brief statement saying it had no comment on the matter. CVC and MUFG did not respond to requests for comment, and Blackstone declined to comment, according to the people who spoke on the condition of anonymity.
Company profile and recent history
Founded in 2010, MoMo began as a mobile payments platform and has since expanded into a broader financial services application. The company now offers a range of services including payments, consumer lending, insurance, savings, investment products and merchant tools across Vietnam.
MoMo said it currently serves more than 30 million users and has established a wide-reaching network to support digital transactions nationwide. The firm completed its last major fundraising round in 2021, when it reported raising $200 million from investors led by Mizuho Bank. MoMo also said last year that it was broadening services for individual consumers and small businesses as part of a wider digital finance effort.
Valuation, profitability and process details
A Reuters report in April indicated MoMo was exploring strategic options, including the possibility of bringing in new investors, in a process that could value the company at more than $2 billion. Company sources said MoMo has been profitable since 2024 and engaged advisors to manage the sale process after receiving inquiries from both strategic and financial investors.
Those involved in the process reiterated that the sale could result in a significant holding changing hands, but they also stressed there is no certainty a deal will be completed.
Market context
Investor interest arrives as Vietnam's digital financial services market grows, aided by the increasing adoption of cashless payments and broader use of online financial products. The attention from large global investment firms underscores appetite for stakes in regional fintech businesses as they expand service offerings and user bases.
For now, the next formal milestone in the process will be the submission of binding bids in September, after which outcomes will depend on negotiations and any further decisions by MoMo and its advisers.