Momo, Vietnam's largest mobile-payment platform, is poised for significant growth as the country experiences a digital wave fueled by an expanding middle class. Founded in 2007, Momo has amassed over 31 million registered users, representing about one-third of Vietnam's population. The platform has seen remarkable growth, with payment volume increasing fifty-fold and revenue surging thirty-fold over the past five years. This growth aligns with the Vietnamese government's ambitious targets for cashless transactions, aiming for an annual increase of 80-100% in this sector. Momo has secured US$430 million in funding from prominent investors such as Warburg Pincus and Goldman Sachs, further solidifying its market leadership in the digital economy.
The F&B market in Vietnam is also thriving, projected to reach a revenue of VND655 trillion (US$26.1 billion) in 2024, driven by the rising middle class, which is expected to account for 26% of the population by 2026. The F&B industry, which reached VND590 trillion (US$23.65 billion) in 2023, has seen a significant shift towards online food delivery, with revenues increasing by 20.18% from the previous year. The competition within the F&B sector is intensifying, with a growing number of small and medium-sized beverage shops and high-end restaurants vying for recognition, including Michelin awards.
Momo is also expanding its offline presence and enhancing its financial services. The company has partnered with Credit Viet Securities to launch a stock trading platform and has integrated with Apple to offer device financing options. Momo's CFO, Manisha Shah, has emphasized the importance of aligning growth with the user journey, focusing on merchant solutions to bridge the gap between businesses and consumers. As the digital payment landscape evolves, Momo's strategic initiatives position it well to capitalize on the burgeoning market opportunities in Vietnam's economy. [f5377653] [98dec27f] [5fbdf3b8] [f22eb730]