From Uganda, Asaak’s trendy ego is bolstered with the $30m Series A deal to keep its asset and liability startup outgrowing its infant status. Asaak is into the lending business scheming to replace real-time finance managers and other bankers off duty, extending provisional finance to users with compromised earning or the low-income factor.
The asset financing startup is built to serve motorcycle owners operating individually as a ride-hailer or a rider for ride-hailing platforms. Asaak gets most of its customers from ride-hailing companies due to their broad market range. While it consistently finances riders with enough resources to own its motorcycle — asset ownership bolsters income increment.
The asset financing startup, Asaak consorted with Bodaboda to help its operators acquire the bikes they ride, hailing Bodaboda’s operation. Asaak is creating opportunities for mobility growth which is likely to promote the economy, per Asaak’s chief business officer Dylan Terrill.
Aside from Bodaboda’s recent partnership with Asaak, the asset financing startup also assist riders from other e-commerce services including, Uber, Bolt, SafeBoda, Jumia, etc. Asaak understands that riders need access to motorcycles to make ends meet. Asaak uses riders’ data to ascertain its financing program — users’ credit score is ascertained by default.
Asaak grants the least thousand dollars to its users after their credit scores have been determined. While the Ugandan startup interest rate ranges from 1% to 4% per its user’s credit score. Asaak currently assists thousands of riders earning standard income.
Still, Asaak plans to distribute more than thousands of motorcycles and cars before the impasse decade.
Aside from Assaks capitalists investors, the startup also consorted to partner with Standard Bank to tap into its customer base and credit markets that serve 20 African countries. Nonetheless, Social Capital, Founders Factory Africa, HOF Capital, Decentralized VC, Resolute Ventures, End Poverty Make Millions, and Standard Bank’s offering got Asaak $30million deal, Techbooky.africa report.