Get All Myanmar, or Get, a Myanmar-headquartered omni-channel digital commerce platform, announced recently that it has acquired local microfinance startup Daung Capital in a move that encompasses the entirety of the fintech company’s assets, including its human resources and existing business agreements and contracts. However, financial terms and details regarding the acquisition were not divulged to the public. It is understood that post-acquisition both startups will run under the Get brand as a merged organization, and that Leon Qiu, who is the founder of Daung Capital, will assume the role of chief executive officer at Get.
Get operates both GetRide and Get Digital Store. GetRide is a community-based ride hailing service, while Get Digital Store is a point of sale application that empowers its users to become micro-entrepreneurs. Some of the services offered by Get include mobile top up, tours, air tickets and bus tickets. With the acquisition of the local fintech startup Daung Capital, which serves Myanmar’s small and family-owned businesses as well as its working class population by providing credit services and solutions, Get can now look forward to becoming a one-stop platform that provides a range of comprehensive fintech solutions for the country’s micro-entrepreneurs.
Previously, Daung Capital closed a Series A funding round in the middle of 2019 that saw the participation of Majuven, an early and growth stage venture capital firm based in Singapore that is founded by a group of experienced business leaders, and BOD Tech Ventures, a Myanmar-based crossborder investor with a focus on technology-enabled companies and businesses within the micro-retail, finance, logistics and omni-channel e-commerce space. The sum raised by Daung Capital’s Series A financing round was not disclosed.
According to MIke Than Tun Win, who has invested in both Get and Daung Capital via BOD Tech Ventures, the e-commerce startup’s acquisition of Daung Capital will offer an unprecedented opportunity for the two organizations to further grow and expand their businesses. Presently, the majority of Myanmar’s people continue to be excluded from the country’s financial system, which is one of the main causes for the extreme disparity in income for the Southeast Asian nation. Than Tun Win, who also leads BOD Tech Ventures, will assume the role of executive chairman at Get post-acquisition, said that financial inclusivity for Myanmar’s general population is one of the key areas that the startup will be working on, and one of the ways to achieve this is through innovation of technology to better serve the needs of the general public so that they are provided opportunities to better their livelihood.
Leon Qiu, the incoming chief executive officer of Get, said that the acquisition of Daung Capital by Get presents an exhilarating opportunity for the digital commerce startup to further solidify and grow its existing range of digital service offerings that can potentially close the gap that exists between the country’s wealthy and affluent and its poverty-stricken population.
With Get taking over ownership of Daung Capital’s assets, including its existing contracts and current workforce, the omni-channel digital commerce startup’s existing portfolio will greatly increase as it will now serve close to twenty thousand small family-owned stores and retail outlets as well as over a hundred small and medium-sized enterprises and businesses.