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. 

• NTPC Green Energy Adds 50 MW Solar Power in Rajasthan
• Coffee Day Enterprises Settles Rs 25 Cr Loan With Kemfin
• GST Collections Rise 14.7% to Rs 2.04 Lakh Crore in September
• GPT Infraprojects Bags Rs 385 Cr South Africa Rail Order
• Cabinet Backs Rs 1.86 Lakh Cr Plan for Green Power Grid

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.