Get, which is a Myanmar based digital commerce platform, also known as Get All Myanmar, declared its acquisition of Daung Capital, a local fintech firm, to provide a unified solution to small and micro-entrepreneurs around the country.
There is no disclosure of financial details. This merger will operate under Get brand. Further, this acquisition covers all Daung’s assets, which includes business contracts and employees as per the announcement from Get.
Daung Capital offers credit solutions to small business and working-class people of Myanmar. Also, it provides rent-to-own agreements, educational loans, cash advance programs for micro-entrepreneurs and small businesses.
By this acquisition, Get’s employee strength grows to 160, offering an expanded portfolio service across 100 businesses in Myanmar, thereby having an active network of more than 19,000 retail stores, which are of small scale. Over and above, Daung’s staff and operations are to be transferred to Get’s Yangon headquarters when the deal is closed.
Last Year, the start-up raised in its Series A round, an undisclosed amount from venture capitalists, which include Myanmar located BOD tech ventures and Singapore initial stage VC firm Majuven. Moreover, BOD Tech Ventures is headed by Mike Than Tun, who is also an investor in both Get and Daung.
Founder of Daung Capital and coming in CEO of Get, Leon Qiu said,
Daung Capital offers an exciting opportunity for Get to strengthen and expand its digital service offerings […] that bridge the divide between rich and poor.
Get remarked that, by the acquisition of Daung, its current serving portfolio will increase to more than 100 businesses and over 19,000 mom-and-pop shops throughout Myanmar. Some of the services of Get include travel booking, ticketing, financial services, and online shopping.
Daung, which was launched in 2018, is a fintech firm, which provides exclusive credit card solutions that are catered to the working class of Myanmar. It also provides its clients access to a cash advance distribution framework, payment model for motorcycles and several more. In 2019 April, Daung declared that it had financed over 2900 motorbikes and 3500 active borrowers.
Furthermore, Get executes a ride-hailing network, which is a community based known as Get Ride, and additionally, a digital store offering products and services like hotel bookings, mobile top-ups, air and bus tickets.