Under the deal, Get will be acquiring all of Daung’s assets, including its employees and business contracts. The merged entity is set to operate under the Get brand, according to a statement.
“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,” said Burmese serial entrepreneur Mike Than Tun Win, who will be joining Get Myanmar as executive chairman.
Financial terms of the deal, which is expected to be completed by February 15, were not disclosed.
Launched in 2018, Daung is a fintech firm that offers unique credit solutions catered to Myanmar’s working class. It provides customers with access to a cash advance distribution network, education financing options, and a rent-to-own payment model for motorcycles.
The startup raised an undisclosed amount of Series A funding in April 2019. At the time, Daung said it had 3,500 active borrowers and financed around 2,900 motorbikes.
Founded in 2017, Get operates a community-based ride-hailing network called Get Ride, as well as a digital store for products and services such as air and bus tickets, hotel bookings, and mobile top-ups.
With the acquisition, Get grows its team to 160, with an expanded portfolio service over 100 businesses across Myanmar and an active network of over 19,000 small-scale retail stores. Daung’s operations and staff will be transferred to Get’s headquarters in Yangon upon the deal’s closing.
This article first appeared on Tech in Asia.