Who Is Bidding for a Stake in Vietnam’s MoMo — and What’s at Stake?

Vietnam’s leading fintech platform, MoMo, is at the center of a high-stakes sale process that could reshape the country’s digital payments landscape. Global investment firms including Blackstone, CVC Capital Partners, and Japan’s Mitsubishi UFJ Financial Group (MUFG) are among the bidders competing for a significant stake in the company, with binding offers expected in September 2026 . Here is a fact-checked guide to who is bidding, what is on the table, and how MoMo grew from a simple e-wallet into a super-app used by nearly a third of Vietnam’s population.

Who Is Bidding for a Stake in MoMo?

According to Reuters, citing two people with direct knowledge of the matter, Blackstone, CVC Capital Partners, and Japan’s MUFG are among the firms pursuing a stake in MoMo . Earlier reporting from DealStreetAsia indicated that up to five investors were conducting due diligence, with Blackstone and MUFG named among them . The full group may include additional parties, but the three firms above are the only ones named in the most recent reports.

• Advisory roles: Morgan Stanley and Jefferies are advising MoMo on the sale process .
• Timeline: Binding bids are due in September 2026, and the process remains at the due diligence stage .

How Much Is at Stake — Valuation and Stake Size

The transaction is targeting a valuation above $2 billion . In 2021, MoMo became Vietnam’s first fintech unicorn after its Series E round valued it at over $2 billion .

• Stake size: MoMo is selling up to 50% of its equity . The deal is structured as a partial sale, meaning existing shareholders, including early backer TVS (which holds approximately 6%), would reduce or exit their positions .
• Other major shareholders: Warburg Pincus holds roughly 26% (since its 2021 Series D investment), and Augusta Investments holds about 13% .

MoMo’s Evolution: From E-Wallet to AI-Powered Super-App

MoMo began in 2007 as a simple mobile money transfer service and launched commercially in November 2010 as an e-wallet . It expanded to a smartphone app in May 2014, offering money transfers, phone top-ups, and bill payments .

• Super-app transformation: After establishing trust through core payments over roughly six years, MoMo layered on e-commerce, travel booking, insurance, loans, investment and stock trading, and a mini-app ecosystem for retailers . It now describes itself as an AI-powered financial super-app .
• User scale: More than 31 million users and over 140,000 payment acceptance points nationwide . Users open the app an average of 4.16 times per week, making it Vietnam’s most frequently used super-app .
• Partner ecosystem: Collaborates with over 50,000 business partners and dozens of banks .

Financial Performance and Key Milestones

Metric	Detail
Profitability	MoMo reached profitability in 2024 and has maintained it since .
Transaction volume	Processed 5.5 billion transactions in Q1 2025 alone .
Valuation history	Crossed $2 billion valuation in 2021 (Series E, ~$200M raised) .
Founding	2007 (M_Service JSC); public launch 2010 .

• 15-year milestone: In November 2025, MoMo marked 15 years in the market, highlighting its role in Vietnam’s cashless payment shift .
• Market context: Vietnam’s digital payments market is projected to reach $83 billion by 2031 .

Key Caveats and Uncertainty

The bidder list (Blackstone, CVC, MUFG) is based on anonymous sources; the full group may include additional parties that have not been named . Binding bids are not due until September 2026, meaning the final investor(s), valuation, and stake percentage could change before a deal is finalized . MoMo’s specific revenue figures are not publicly disclosed because the company is private. Publicly available data for the ticker "MOMO" (Nasdaq-listed Hello Group) refers to a separate Chinese company and is not relevant to this transaction .