Yangon financing platform Daung Capital raises capital for ongoing Series A round

Downtown Yangon. Photo: Juliet Shwe Gaung/DEALSTREETASIA

Daung Capital, a Yangon-based financing platform, has raised capital for an ongoing Series A financing round, according to its founder.

Daung Capital extends credit for the purchase of products like motor vehicles or electronics through a rent-to-own model. Targeting the working class, the company also provides advanced credit to salaried workers and education loan to workers.

Financial terms of the round remain undisclosed. However, one investor betting on Daung Capital is Mike Than Tun Win, an early-stage tech investor who owns Flymya.com, a travel booking platform and has a majority stake in Get Ride, a homegrown ride-hailing platform.

Daung Capital founder Leon Qiu claims that the company has so far financed about 2,900 motorbikes with 3,500 active borrowers present across its platform.

Daung Capital’s leadership team includes CEO Wang Yi En, strategy head Richard Ng Tiong Beng and finance lead Tee Choon Kiong.

Rent 2 Own (Myanmar) Ltd, a motorcycle rental service provider, operates in a similar space and is backed by Germany’s DEG and agRIF, an impact focused fund managed by Incofin Investment Management.

In Myanmar, a 53-million population country, only 5 per cent have a bank account and about 70 per cent are financially excluded or informally served, according to the Myanmar Microfinance Association.

With the microfinance law being enacted only in 2011, the country still has a long way to go, in terms of financial inclusion.

The country has over 200 licensed microfinance institutions and, international firms like Alliance Microfinance in Myanmar Ltd, Vision fund Myanmar, Proximity Designs and Pact Global Microfinance Fund are leading the pack.

Also Read:

Ride-hailing firm Get Ride officially launches in Myanmar after securing financing

Travel portal FlyMya buys Go-Myanmar.com for six-digit sum

Myanmar: Flymya acquires UK travel reservation developer SWITCH.CM for $600K

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.