M_Service, the operator of Vietnamese mobile money outfit MoMo, has raised $28 million in funding from Goldman Sachs and the private equity arm of Standard Chartered.
Standard Chartered pumped $25 million into the startup, with Goldman putting in $3 million, topping up a $5.7 million investment made in 2013.
MoMo teamed up with Standard Chartered last year on its mobile wallet - which now has over a million users. It enables Vietnam's unbanked to receive payments from corporations and government entities, as well as pay bills and shop online.
Meanwhile, the firm also runs a network of over 4000 physical agents, which enable unbanked customers to pay in and withdraw cash from their accounts, sending money to friends, family and businesses.
The new funding will be used to help expand the number of retail and merchant partners for the mobile wallet and expand the agent network to 11,000 by the end of next year, MoMo told TechCrunch.