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Steven Millward · · 1 min readMyanmar lending startup raises series A ahead of fintech boom
While 21 million of Myanmar’s 54 million population are connected to the internet, only 5 million have a bank account.
That’s why Leon Qiu sees a chance to beat the banks with his startup, which provides loans.
Daung Capital, launched in 2018, has just got a boost from an ongoing series A funding, Qiu tells Tech in Asia. The investment amount isn’t disclosed.
L-R: Leon Qiu, Wang Yi En, Mike Than Tun Win. Photo credit: Daung Capital
Qiu, 33, who hails from Singapore, is a founder of the Myanmar-based startup. A former private banker, he quit last month to focus on the new venture.
“Our three main products currently are our motorcycle rent-to-own model, advance credit for salaried workers, and education loans for workers wanting to upscale,” explains Qiu. The service uses tech for onboarding new users, customer verification, and installment collections.
So far the startup has financed around 2,900 motorbikes, with 3,500 active borrowers.
Although Qiu is new to entrepreneurship, Daung Capital has a veteran investor in the form of Myanmar-born Mike Than Tun Win, who has set up a bunch of still-running startups in the nation, including online store Shopmyar and travel booking site Flymya.
Editing by Judith Balea
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With three types of loans, Daung Capital wants to ride Myanmar’s growth wave.
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