Company ProfileMoMo was founded in 2007 by a group of Vietnamese entrepreneurs. The company, which is known to follow the Alipay model, has been looking to move beyond the pure-play digital wallet business model to eventually turn profitable. MoMo said part of the new funding would be used to support tech startups in Vietnam through MoMo Innovation Ventures, established in 2021. MoMo is the leading payment service in Vietnam, which offers a range of services, including peer-to-peer money transfers, bill payments, ticket bookings, and online shopping.