Myanmar-based digital commerce platform Get, also known as Get All Myanmar, said it is acquiring local fintech firm Daung Capital to offer a unified solution to micro-entrepreneurs in the country.
Financial details were not disclosed. The deal covers all of Daung’s assets, including employees and business contracts, Get said in an announcement.
The merged entity will operate under the Get brand.
Daung Capital provides credit solutions to Myanmar’s working class and small businesses. It provides education loans, rent-to-own agreements and cash advance programmes for businesses.
The startup raised an undisclosed amount in its Series A round last year from investors including Myanmar-based BOD Tech Ventures and Singapore early-stage VC firm Majuven.
BOD Tech Ventures, led by Mike Than Tun Win, is an investor in both Daung and Get.
“Daung Capital offers an exciting opportunity for Get to strengthen and expand its digital service offerings (…) that bridge the divide between rich and poor,” said Leon Qiu, founder of Daung Capital and incoming CEO of Get.
Meanwhile, Than Tun Win will join Get as executive chairman.
“Get’s acquisition of Daung will provide a major growth opportunity for both businesses. Financial exclusion remains a key reason for income inequality in Myanmar. We want financially excluded Burmese to embrace life-changing opportunities through technological innovation,” Than Tun Win commented.
Get revealed that with the acquisition of Daung, its serving portfolio will expand to over 100 businesses and 19,000 mom-and-pop shops across Myanmar.
Get, whose services include ticketing, travel booking, online shopping and financial services, launched a ride-hailing service called Get Ride in 2018 after securing commitments of nearly eight-digit US dollars.
Besides regional major Grab, other ride-hailers present in Myanmar are Oway, Hello Cabs and Vietnamese startup FastGo.
