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Thu Huong Le · · 2 min readVN fintech unicorn MoMo’s revenue grew 18% to top $355m in 2022
Putra Muskita also contributed to this report.
With over 31 million registered users, MoMo has solidified its status as the largest and most popular e-wallet in Vietnam.
As an independent digital wallet not embedded in an ecosystem, the firm has been aggressively expanding its network, most recently partnering with giants such as Gojek, Western Union, and Apple.
Photo credit: MoMo
MoMo – which is short for “mobile money” – was founded in 2010 by a group of Vietnamese entrepreneurs harboring a “cashless vision” for Vietnam where everyone can pay using their mobile devices. It became a unicorn in 2021 after raising US$200 million in a round led by Japan’s Mizuho Bank.
The company has been steadily growing its revenue, generating US$355 million in 2022 – a roughly 18% increase year on year, according to its financials obtained from VentureCap Insights.
Last year, MoMo’s gross profit increased by 45.7% compared to 2021, though its net operating loss widened by 38.8% over the same period. However, looking at the dollar values, the increase in revenue exceeds the uptick in cost, suggesting that the company is growing sustainably.
In 2022, the firm grew its selling expenses 37% to US$93.8 million. It also incurred 78.7% more in administrative costs for the year compared to 2021.
The company has declined to comment on its financials.
As Tech in Asia previously analyzed, MoMo wants to build a full-fledged financial platform that users, small businesses, and financial service providers can tap. To that end, it has made two acquisitions: AI startup Pique in 2021 and sales software Nhanh in 2022.
Below are three charts tracking the company’s financials from 2016 to 2022.
See also: Is Vietnam late to Southeast Asia’s digital banking party?
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MoMo’s net operating loss widened by 38.8% last year but the dollar-value increase in revenue still exceeded the uptick in cost.
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