Asaak

Asaak

Closed: Jan. 2023

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.

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Investment Overview

Invested this round: $289,487

Deal Terms

Total Commitments

Platform
Republic
Start Date
08/18/2022
Close Date
01/27/2023
Min. Goal
$25,000
Max Goal
$535,000
Min. Investment

$150

Security Type

SAFE

Series

Series A

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$50,000,000

Discount

0%

Company & Team

Company

Year Founded
2017
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B2C
Margin
High
Capital Intensity
Low
Location
Emeryville, California
Business Type
High Growth
Company Website
Visit Website

Team

Employees
106
Prior Founder Exits?
No
Founder Name
Kaivan Sattar
Title
CEO

Financials

 Revenue +429% YoY
$1,065,078
 Monthly Burn
$21,366
 Runway
24+ months
Gross Margin
76%

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$1,065,078

$201,207

COGS

$254,494

$97,757

Tax

$840

$166

 

 

Net Income

$-256,388

$-186,651

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$1,124,734

$329,742

Accounts Receivable

$60

$0

Total Assets

$8,136,656

$2,445,985

Short-Term Debt

$2,880,654

$1,025,806

Long-Term Debt

$2,406,515

$516,834

Total Liabilities

$5,287,169

$1,542,640

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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
Close Date Platform Valuation Total Raised Security Type Status Reg Type
01/27/2023 Republic $50,000,000 $289,487 SAFE Funded RegCF
04/14/2021 Republic $10,000,000 $899,918 SAFE Funded RegCF
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Growth Charts

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Employee History

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Add to portfolio
Asaak on Republic 2022
Platform: Republic
Security Type: SAFE
Valuation: $50,000,000

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