MoMo has done an M&A with AI startup Pique
MoMo’s M&A with Pique
Vietnam-based e-payment major MoMo has acquihired local VC-backed artificial intelligence (AI) startup Pique. This startup is formerly NextSmarty, which uses AI to turn visitors into customers. This acquisition enhances MoMo’s “AI first” strategy. With this deal, MoMo is capitalising on Pique’s 25-million-user database to improve its product offerings. This marks the first transaction of MoMo Innovation Ventures, which the Warburg Pincus-backed super-app launched in early 2021.
MoMo has bought all of Pique’s intellectual property, and hired its data science and engineering team, including the founder, Trinh Xuan Tuan. Meanwhile, MoMo’s AI leadership team includes its Vice Chairman & Co-CEO Nguyen Manh Tuong and CTO Thai Tri Hung, among others. It will triple the number of AI personnel this year, including data scientists, machine learning experts, data engineers.
About MoMo and Pique
Founded in 2016, Pique specialises in AI solutions to help businesses boost sales. It personalises clients’ digital experience, products recommendation, from e-commerce to content and entertainment. The startup previously raised funding from 500 Startups Vietnam, South Korean group GS SHOP, and more. “The Pique deal gives us additional tools to better understand the diversified needs of customers, to provide personalised products and services based on each user’s needs,” a MoMo’s representative said.
Founded in 2007, Momo offers mobile, electronic wallet, 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 or online game cards. It has over 10,000 partners across verticals such as consumer finance, insurance, money transfers, utility payments, entertainment, e-commerce, shopping, transportation, F&B. In January 2021, MoMo raised an undisclosed amount of Series D funding, co-led by Goodwater Capital and Warburg Pincus. In total to date, it has raised at least $232.7 million. It targets to increase the number of users to 50 million, about half of Vietnam’s population.
Sources of information include TechInAsia and Doanhnghiep&Tiepthi.
