Fintech in Southeast Asia continues to pique the eye of world traders. Alibaba, Tencent and others have jumped into the area and deployed tons of of tens of millions of , and now Warburg Pincus is becoming a member of them. The U.S-headquartered PE agency has led a Series C funding in Vietnam’s Momo, which claims to be the nation’s largest cellular pockets firm with 10 million downloads.

Momo already has some big-name traders; Standard Chartered led a $28 million spherical in 2016 whereas Goldman Sachs invested $5.7 million again in 2013.

The measurement of this new spherical isn’t being disclosed, however Pham Thanh Duc, CEO of M-Service — the dad or mum firm of Momo — mentioned it’s a document deal for an e-commerce or fintech startup in Vietnam. Numerous the largest offers in Vietnam have been undisclosed, however one of many largest from final yr was a $50 million-odd funding in e-commerce firm Tiki from China’s JD.com which provides a sign of the scale. The deal may even be as excessive as $100 million, that’s in line with a Deal Street Asia report, though Pham declined to touch upon the determine.

M-Service was based over a decade in the past, Momo is its tackle digital funds in Vietnam, a market of practically 100 million individuals, one-quarter of whom are aged underneath 25.

Momo began out providing digital cost through an e-wallet app. It has since expanded into utility invoice funds and cellular top-up, in addition to areas like film tickets, airline flights and cost for items and providers at 100,000 cost factors nationwide, together with standard chains. The service lately started providing invoice cost for loans, and Pham mentioned it’s creating a credit score scoring system that may enable it to introduce monetary providers to customers in partnership with monetary establishments.

The playbook, he mentioned, could be very a lot based mostly upon the success of Alibaba’s Alipay and Tencent’s WeChat Pay providers in China, which went from funds to loans and investing and extra.

While each of these Chinese web giants have stepped into Southeast Asia with fintech investments in markets like Indonesia, Thailand and the Philippines, neither has entered Vietnam at this level. Pham mentioned Momo has an ongoing dialogue with Alibaba, however there’s been no funding. Since neither Alibaba nor its fintech affiliate Ant Financial has an working presence in Vietnam, he mentioned the connection is “just conversations” at this level. That’s actually a pairing that’s value keeping track of as Alibaba goals to enlarge its presence in…

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