Myanmar fintech secures additional capital for its Series A round

Yangon-based financing platform aimed at working class customers has added an undisclosed amount capital to its ongoing Series A funding round, according to DealStreetAsia.

Daung Capital lets users apply for a credit to purchase products like motorcycles or electronics through its rent-to-own model.

Its main market, it said, is the working class users. For salaried workers, the company also provides advanced credit and education loans.

In the past, Daung Capital has received support from Mike Than Tun Win, an early-stage tech investor who owns, a travel booking platform. The firm has a majority stake in Get Ride, a homegrown ride-hailing platform.

To date, Daung Capital has financed about 2,900 motorbikes with 3,500 active borrowers all through its platform, founder Leon Qiu told DealStreetAsia.

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

Source: e27

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