By Juliet Shwe Gaung
The deal is being seen as a win-win for both. For Yoma Strategic, it means entry into the fintech industry of Myanmar. And, for Wave Money, it translates into access of capital from the SGX-listed firm.
The two Myanmar firms were among 24 startups based in 15 markets around Africa and Asia Pacific
The financing came from a London-based emerging markets-focused fund and Vostok New Ventures, an investment company based in Sweden.
Post acquisition, Wave Money will be owned by Telenor (51%), Yoma Strategic (34%) while FMI and Yoma Bank will hold 10% and 5% respectively.
The acquisition will enable the Group to extend its earning base, and enhance its portfolio exposure to the growing tourism market in Myanmar.
Singapore Mainboard-listed SMI is looking to expand its brand, The Coffee Bean & Tea Leaf, while Sri Lanka’s CBC Myanmar Microfinance Co Ltd will also start operations.
IFC’s proposed funding includes $7.5m in equity investment and co-investment of $7.5m.
The latest funding round in ShweProperty was led by an unnamed existing investor, a London-based emerging markets-focused fund.
The project will be a mixed development project comprising a new central transportation hub that integrates rail and mass transit.
Each of the selected startups receives between £100,000 ($139,000) and £250,000 ($347,500) in funding.