Myanmar-based e-commerce startup Get All Myanmar has acquired Burmese fintech firm Daung Capital in a mission to come up with a unified solution provider for micro-entrepreneurs in the country, says a DealStreetAsia report.
The acquisition covers all of the fintech firm’s assets, including employees and business contracts.
Other financial details were not disclosed.
Moving forward, the combined entity will operate under the ‘Get’ brand, with Daung Capital providing credit solutions to Myanmar’s working class and small businesses. The solutions include education loans, rent-to-own agreements, and cash advance programmes for businesses.
With this acquisition, Get’s services will expand to over 100 businesses and 19,000 mom-and-pop shops across Myanmar.
Last year, Daung Capital raised an undisclosed amount in its Series A round from investors such as Myanmar’s BOD Tech Ventures led by Mike Than Tun Win, that has also invested in Get and Singapore-based early-stage VC firm Majuven.
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With the acquisition, Than Tun Win will join Get as Executive Chairman. “Financial exclusion remains a key reason for income inequality in Myanmar. We want financially excluded Burmese to embrace opportunities through technological innovation,” Tun Win commented.
Leon Qiu, Founder of Daung Capital and CEO-designate of Get, said: “Daung Capital offers an exciting opportunity for Get to strengthen and expand its digital service offerings, bridging the divide between rich and poor.”
Get’s services include ticketing, travel booking, online shopping, and financial services, as well as a ride-hailing service called Get Ride, which was launched in 2018 after securing nearly eight-digit US dollars in investment.
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Picture Credit: Daung Capital
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