MoMo — Vietnam's E-Wallet Super App Targeting the Unbanked

Founded as M_Service in 2007 and relaunched as the MoMo e-wallet app, the platform evolved into a 'super-app' bundling payments, credit, savings, micro-investment, insurance and cross-border remittance in one interface, partnering with more than 70 banks and financial institutions to extend services beyond its own balance sheet.
MoMo's user base grew from 10 million in 2019 to over 31 million by 2022, according to The Asian Banker, generating about $22 billion in total payment value that year and taking a 56% share of Vietnam's e-wallet market against rivals ZaloPay (23%) and VNPay (15%).
MoMo explicitly targets Vietnam's unbanked population, estimated at around 60 million people, with particular focus on an estimated 35 million medium- and low-income Vietnamese who lack full access to formal banking, per The Asian Banker and SBS Software's analysis of Vietnam's mobile-payments sector.
The company raised $200 million in a 2021 Series E round, reaching a valuation above $2 billion, and by the mid-2020s Vietnam's broader e-wallet transaction volume had grown roughly tenfold since 2017, per industry reporting.
The available figures are largely user counts, market share and payment-value metrics reported by the company and industry analysts rather than an independent evaluation of whether the targeted unbanked and underbanked segment gained lasting access to formal financial services, so MoMo's inclusion impact should be read as a plausible but not yet independently verified claim.

Read the full analysis: https://www.theasianbanker.com/updates-and-articles/momo-targets-to-onboard-the-rest-of-the-vietnamese-population