The startup provides microfinancing services through group solidarity loans and individual business loans, which require no collateral and are designed for easy access. This approach addresses the lack of financing options for small businesses with limited repayment capacity, enabling them to secure necessary funds without the burden of complex application processes.
Funding
$12M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small businesses in Myanmar often lack access to formal financing due to limited collateral and complex application processes, hindering their ability to secure necessary funds for growth and operations. Traditional microfinance institutions may also require frequent in-person meetings, creating an additional burden for busy entrepreneurs.
Solution
Easy Microfinance provides accessible microloans to small business owners in Myanmar, offering both group solidarity loans and individual business loans with simplified application processes and no collateral requirements. Loan amounts range from MMK 100,000 to MMK 10,000,000, with flexible repayment terms of 6 to 24 months. The company streamlines the loan process by eliminating the need for photocopies, pictures, and weekly meetings. Easy Microfinance also offers an Android app that allows clients to monitor their loan information, receive transaction notifications, apply for new loans, locate nearby branches, and initiate loan repayments.
Target Audience
The primary target audience includes micro-entrepreneurs and small business owners in Myanmar who need access to quick and easy financing solutions to support their business growth.
Features
- Group loans ranging from MMK 100,000 to MMK 1,000,000 per member, with 6, 9, or 12-month terms and monthly repayments.
- Individual loans ranging from MMK 1,000,000 to MMK 10,000,000, with 6 to 24-month terms, requiring a guarantor with sufficient income.
- Agricultural loans ranging from MMK 300,000 to MMK 5,000,000 per member, with 3 to 12-month terms and repayment schedules adapted to crop cycles.
- Interest rate of 2.33% per month on the remaining balance for all loan types.
- Compulsory savings of 5% of the approved loan amount, remunerated at 14% interest per year.
- Android app for loan monitoring, transaction notifications, loan applications, branch location, and repayment initiation.
- Repayment options through partner organizations, including AYA Bank, Yoma Bank, Wave Money, Near Me, Ongo, and KBZ Pay.