BY COMFORT OGBONNA
Global investment firms are lining up to acquire a stake in Vietnamese financial technology company MoMo, highlighting growing investor confidence in Southeast Asia’s rapidly expanding digital finance sector. Blackstone, CVC Capital Partners, and Japan’s Mitsubishi UFJ Financial Group (MUFG) are among the leading bidders participating in the company’s ongoing partial sale process, according to people familiar with the matter.
Sources with direct knowledge of the negotiations said binding offers are expected to be submitted in September as MoMo evaluates interest from both financial and strategic investors. While the size of the stake being offered has not yet been finalized, one source indicated the transaction could involve the sale of a significant ownership interest. Another person familiar with the discussions said the stake available could be as much as 50%, making it one of the largest private fintech transactions in Vietnam in recent years.
The sale process is still underway, and there is no guarantee that it will result in a final agreement. Companies involved in the bidding have remained largely silent about the negotiations. MoMo declined to comment on the process, while CVC Capital Partners and MUFG did not respond to requests for comment. Blackstone also declined to provide details.
Founded in 2010, MoMo has evolved from a simple mobile payments application into one of Vietnam’s largest digital financial platforms. Over the past decade, the company has significantly expanded its services beyond electronic payments to include consumer lending, insurance products, savings accounts, investment solutions, and financial tools designed for merchants and small businesses.
The company’s rapid growth has closely mirrored Vietnam’s economic transformation and increasing adoption of digital technology. As internet access has expanded and smartphone usage has become widespread, millions of consumers have embraced mobile financial services, helping drive demand for cashless transactions across the country.
Industry estimates suggest the ongoing investment process could value MoMo at more than $2 billion, reflecting the company’s strong market position and long-term growth potential. The fintech company reportedly began exploring strategic options earlier this year after attracting interest from several global investment firms seeking exposure to Vietnam’s growing digital economy.
MoMo has been profitable since 2024, strengthening its appeal to potential investors. Unlike many technology startups that continue to prioritize growth over earnings, the company has demonstrated its ability to generate sustainable profits while continuing to expand its customer base and product offerings.
The company currently serves more than 30 million users throughout Vietnam and has established a nationwide digital payments network that supports consumers, retailers, service providers, and businesses of all sizes. Its platform enables users to make payments, transfer money, pay utility bills, purchase insurance, invest funds, and access a wide range of financial services through a single mobile application.
Vietnam has emerged as one of Southeast Asia’s fastest-growing digital economies, fueled by rising incomes, increasing smartphone penetration, and government initiatives promoting electronic payments. Consumers are increasingly moving away from cash transactions in favor of mobile wallets and digital banking services, creating significant opportunities for fintech companies like MoMo.
Investor interest in the company also reflects broader confidence in Vietnam’s long-term economic outlook. As one of Asia’s fastest-growing economies, the country has attracted increasing levels of foreign investment across technology, manufacturing, financial services, and digital infrastructure.
MoMo last completed a major fundraising round in 2021, securing $200 million from a group of investors led by Japan’s Mizuho Bank. The funding supported the company’s continued expansion into new financial products and strengthened its position in Vietnam’s increasingly competitive fintech market.
Last year, the company announced plans to further expand its offerings for individual consumers and small businesses as part of its broader strategy to make digital financial services more accessible across the country. That expansion, combined with sustained profitability and a growing customer base, has made MoMo an attractive investment target for some of the world’s largest private equity firms and financial institutions.
If the current sale process results in a successful transaction, it could rank among the most significant investments in Vietnam’s fintech industry and further reinforce the country’s reputation as one of Asia’s most promising technology and digital finance markets.
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