Vietnamese payment app MoMo has announced an investment in sales management startup Nhanh.vn for an undisclosed amount.
This development comes a month after MoMo raked in US$200 million in Series E round at US$2 billion for tech investments and future M&As.
The investment is in line with MoMo’s attempt to back Vietnamese startups and boost cashless e-commerce in the country.
“We want to support small and micro businesses (SMEs) to quickly digitalise at lower cost and scale through the solution of Nhanh.vn,” said MoMo co-CEO and vice chairman of the Board of Directors Tuong Nguyen.
Last June, the fintech unicorn acquired local startup Pique that uses AI to turn visitors into customers. It planned to capitalise on Pique’s 25 million user database to improve its product offerings further.
Founded in 2014, Nhanh.vn specialises in cloud-based omnichannel sales management solutions. Its offerings include sales management software, web design, and features linking merchants with shipping businesses. It counts Facebook Marketplace, Lazada, and Tiki among its clients.
Nhanh.vn claims to have served more than 80,000 enterprises in Vietnam with its services.
Momo, launched in 2007, offers mobile payments and e-wallet 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.
The e-wallet has been evolving into a super-app marketplace that includes insurance, credit products, and digital vouchers, among other things. It also plans to launch investment products next year.
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Image Credit: MoMo
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