Vietnam-based payments app Momo has acquired local startup Pique that uses AI to turn visitors into customers.
The financial details remain disclosed.
This news was first reported by TechInAsia.
With this deal, MoMo plans to capitalise on Pique’s 25 million user database to further improve its product offerings.
According to a statement, MoMo has bought all of Pique’s intellectual property and hired its data science and engineering team, including its founder Trinh Xuan Tuan.
Founded in 2007, Momo offers mobile, electronic wallet, and payment services for iOS and Android devices. Its range of products include cash transfers, mobile phone recharges personal loans and services, such as software license and online game cards.
As of now, Momo has over 10,000 partners across verticals such as consumer finance, insurance, money transfers, utility payments, entertainment, e-commerce, shopping, transportation, and F&B.
In January, Momo raised an undisclosed amount in Series D, co-led by Warburg Princus and Silicon Valley-based VC firm Goodwater Capital
In total, MoMo has raised about US$232.7 million to date.
Pique on the other hand was founded in 2016 and helps businesses boost sales by personalising product recommendations and digital experiences for their clients.
The company has previously raised an undisclosed amount of investment from several notable investors including 500 Startups Vietnam, South Korea’s GS Shop, and more.
Vietnam’s digital payments vertical, especially contactless payments, has witnessed a stupendous growth following the onset of COVID-19.
Although cash-on-delivery has been the most popular mode of purchase in Vietnam, the trend is seeing a big shift thanks to the behavioral change forced by the pandemic.
Other major companies operating in the contactless payments space in Vietnam are Gojek, Finhay, Payoo, Moca, and SenPay.
Image Credit: MoMo
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