A digital purchase and payments platform, NearMe has received funds from Sumitomo Corp, a Japanese Fortune 500 global trading and business Investment Company. The funds will enable NearMe to offer more digital solutions to its retail partners, which comprise mainly small- and medium-sized enterprises (SMEs) seeking technology to help them grow in the post-COVID-19 period.
“We are seeing the accelerated digitization of the Myanmar economy. The pandemic is spurring many SMEs to adopt technology much more readily to expand and serve their customers better,” said U Lynn Htaik Aung, Chief Executive Officer of NearMe.
“Sumitomo believes the investment will help NearMe’s growth as well as Sumitomo affiliates and other shareholders,” said Mr. Shuji Fukuda, General Manager of media and digital business for Sumitomo in Asia and Oceania.
NearMe is launched in 2015 and it enables retailers to sell digital goods and tickets, collect bill payments, process personal loan applications, and accept electronic payments. Around 5,000 to 6,000 grocers join Near Me each year.