Technology

MoMo “unicorn” reaches 10 million financial and digital insurance users


After 4 years of providing financial and insurance services, the super app MoMo has just announced that it has reached 10 million users. The growth rate of this service group is currently at the top of MoMo’s service groups with a growth rate of 3-5 times per year.

First launched with loan payment service, from zero, MoMo platform has helped 4 million users to access loans, 3 million people to buy insurance products and more than 4 million users. use accumulated investment services. In which, 60% of users of this startup use 2 or more financial services regularly every month.

MoMo is currently Vietnam’s third unicorn startup after VNG and VNPAY.

In Vietnam, MoMo is the first technology platform to boldly pave the way to bring financial services that are quite unfamiliar to users to e-wallets since 2018.

This is a pioneer in combining with most financial institutions, contributing to the formation of a digital financial ecosystem and laying the first bricks for the development of Vietnam’s digital economy.

Up to now, MoMo’s finance – insurance segment is providing a variety of services such as loan payment, investment floor, postpaid wallet, insurance purchase and trust score (operating according to the scoring mechanism). user score).

Not only changing the way financial services are provided compared to traditional ones, this startup’s digital platform has contributed to removing barriers to procedures and conditions, shortening time and increasing users’ access opportunities. to financial services.

From here, financial services can “touch” many classes of society, including low-middle-income users, small/micro businesses, and especially young users. love technology

Startup MoMo is quite successful in bringing digital payment services into the street vendors and small businesses.

The milestone of 10 million users in the finance – insurance segment is the next development step of MoMo after this startup completed the 5th round of funding (Series E) with an investment of 200 million USD.

In this funding round, the valuation of MoMo was pushed to more than 2 billion USD. Thanks to that, MoMo has become the third unicorn startup (technology startup valued at more than 1 billion USD) in Vietnam after VNG and VNPAY.

MoMo currently has more than 1,600 employees with its headquarters in Ho Chi Minh City and offices in Hanoi and Da Nang. This FinTech (FinTech) company has about 31 million users with more than 140,000 merchants.

This Fintech startup is aiming to expand the market by providing digital transformation solutions for millions of small businesses (SMEs), micro enterprises (MSMEs) in Vietnam.

According to research and consulting firm McKinsey & Company, in 2021, the percentage of Fintech (financial technology) service users in Vietnam will now reach 56%, up from 16% in 2017. Scale of the digital ecosystem Vietnam is estimated to reach 50 billion USD and can double to 100 billion USD by 2025.

Trong Dat

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