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Vietnam’s e-wallet MoMo invests in sales management firm

Vietnam’s e-wallet MoMo invests in sales management firm

Tuesday, January 11, 2022, 09:18 GMT+7
Vietnam’s e-wallet MoMo invests in sales management firm
A man performs cashless payment at a coffee shop in Ho Chi Minh City, Vietnam. Photo: Quang Dinh / Tuoi Tre

Vietnam's leading e-wallet company MoMo has invested in Nhanh.vn, a provider of sales management solutions, in a vision to promote cashless e-commerce in the country.

The payment firm, however, did not mention the number of shares in Nhanh.vn it had acquired.

This is MoMo's first investment in 2022 after it became a 'unicorn,’ a term referring to a privately held startup company with a valuation of over US$1 billion, in late 2021.

The investment is to support innovative and creative companies in Vietnam as well as to promote cashless e-commerce in the country, MoMo said.

Founded in 2014, Nhanh.vn specializes in providing cloud-based omni-channel sales management solutions, including online sales management software, web design, features connecting sellers with logistics firms, and software for users of Facebook Marketplace and such e-commerce platforms as Lazada and Tiki.

The company has provided its services for more than 80,000 businesses in Vietnam.

Thanks to these solutions, businesses at various scales will be able to run seamless sales operation and management processes.

“We want to help small and micro businesses undergo digital transformation in the fastest and cheapest way as well as expand their market through the solutions provided by Nhanh.vn,” said Nguyen Manh Truong, vice-chairman and co-CEO of MoMo.

“We hope to cooperate with Nhanh.vn and other companies in our ecosystem to promote the application of technology, shape the future, and co-exist and develop sustainably.”

A MoMo representative said that one of the company’s top goals after becoming a 'unicorn' is to look for and invest in potential Vietnamese technology firms.

MoMo previously raised $200 million from four investors in its fifth round of funding in late December, pushing its valuation above $2 billion.

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