About this raise
Asaak, with a valuation of $50 million, is raising funds on Republic. The company is focused on unlocking financial services for Africans through asset-backed loans. It has created an end-to-end lending marketplace helping Africans access financial services and investors to invest directly in loans. Asaak has disbursed over 6,000 loans with an on-time payment collection rate of 95%. The company became profitable in the fourth quarter of 2020 and reported a 76% gross margin in 2021. Kaivan Sattar founded Asaak in 2017. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $535,000. The campaign proceeds will be used for expansion into new markets, including Kenya.
Investment Overview
Invested : $289,487
Deal Terms
Total Commitments
- Platform
- Republic
- Start Date
- 08/18/2022
- Close Date
- 01/27/2023
$25,000
$535,000
$150
SAFE
Growth Stage
RegCF
$50,000,000
0%
Company & Team
Company
- Year Founded
- 2017
- Industry
- Financial & Insurance Products & Services
- Tech Sector
- Distribution Model
- B2B2C
- Margin
- High
- Capital Intensity
- Low
Financials
- Revenue +429% YoY
- $1,065,078
- Monthly Burn
- $21,366
-
Runway
- 24+ months
- Gross Margin
- 76%
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Analyst Report
Asaak -- the company I’m introducing to you today -- immediately intrigued me. As a Uganda-based fintech company, it’s very different from many other startups we see raising online. Asaak provides asset financing and other financial services for budding entrepreneurs in Africa. More specifically, it currently provides boda boda (bicycle or motorcycle taxi) loans, fuel loans, and smartphone loans to unbanked entrepreneurs, with more types of loans planned for the future. Its loans are small, averaging $1,500. Asaak charges around 30% interest, which is normal for Africa.
Company Funding & Growth
Funding history
- Total Prior Capital Raised
- $30,000,000
- VC Backed?
- Yes