Asaak

Asaak

Growth Stage

Next generation asset-backed loans for Africa.

Next generation asset-backed loans for Africa.

Overview

Raised to Date: Raised: $289,487

Total Commitments ($USD)

Platform

Republic

Start Date

08/17/2022

Close Date

01/26/2023

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%

Rolling Commitments ($USD)

Status
Funded
Reporting Date

01/30/2023

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$1,787

# of Investors

699

Momentum
Funded
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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

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.

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

Financials as of: 08/17/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Asaak 01/26/2023 Republic $50,000,000 $289,487 SAFE Funded RegCF
Asaak 04/13/2021 Republic $10,000,000 $899,918 SAFE Funded RegCF
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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. 

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

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