MoMo, Vietnam's top e-wallet, has raised a $200M Series E. It hasn't only hit unicorn status with this fundraise— its valuation has now shot to over $2B.

• Last month, we gave you the scoop that MoMo was looking to raise $100M and hit unicorn status. (Now that's exceeding expectations!).
• It dominates half of Vietnam's payments market with 31M users.

Who cashed in? Japan's Mizuho Bank led the round. Ward Ferry, Goodwater Capital and Kora Management also joined in.

• As part of the round, Mizuho Bank acquired 7.5% of MoMo's operator, M-Service, for $170M.
• Mizuho also owns 15% of Vietcombank (one of Vietnam's largest banks)— a collaboration in the making?

⏪  Way back Wednesday

MoMo began as a SIM-card app in 2010 that allowed people to top-up their phones, transfer money and buy scratch cards.

Now, it wants to be Vietnam's all-in-one app as it continues to integrate services from its partners.

• It has 50,000 companies, 50 banks and 140,000 payment acceptance points in its network.

🦸🏻‍♂️  Soon-to-be Super App?

Payments. Transfer and receive money and easily pay for bills and utilities.

Marketplace. Book flights and hotel stays, buy cinema tickets and order from their partner e-commerce marketplaces.

Finance and insurance. Get instant loans through FastMoney, use their BNPL services and repay loans from Vietnam's largest lenders.

👀  Mo-Moving forward

MoMo is expanding to Tier 2 and Tier 3 cities and hopes to double its users to 50M in the next two years. It'll also be releasing new features (like investing!) and bagging some mergers and acquisitions. (Oh, and of course, it's looking to IPO by 2025!)