Vietnam’s M_Service JSC, which operates Warburg Pincus LLC-backed fintech app MoMo, crossed $2 billion in valuation after raising about $200 million from investors led by Mizuho Bank.

Ward Ferry Management and existing shareholders Goodwater Capital LLC and Kora Management also joined the Series E funding, MoMo said in a statement. 

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The latest funding gives the company a valuation of more than $2 billion, Nguyen Manh Tuong, co-founder of the Ho Chi Minh City-based startup, media reported.

The company in January raised more than $100 million, people familiar with the matter said. MoMo has no plans for an initial public offering in the next several years and instead will focus on strengthening its market position and products, Tuong said.

“The biggest challenge is still to trust. Going to the more rural areas, we still need to invest our time and money in educating the users,” Tuong said.