Asaak
Next generation asset-backed loans for Africa.
Analytics
Raised: $179,606
Aggregate Commitments $
Platform
Republic
Start Date
08/18/2022
Close Date
04/27/2023
Min. Goal
$25,000
Max. Goal
$535,000
Min. Investment
$150
Security Type
SAFE
Funding Type
RegCF
Series
Series A
Valuation Cap
$50,000,000
Discount Rate
0%
Rolling Commitments $
Status
Active
Reporting Date
10/02/2022
Days Remaining
207
% of Min. Goal
718%
% of Max. Goal
34%
Likelihood of Max
Avg. Daily Raise
$3,991
# of Investors
311
Momentum
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Location
Emeryville, California
Industry
Financial & Insurance Products & Services
Tech Sector
Fintech
Distribution Model
B2B2C
Margin
High
Capital Intensity
Low
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: 08/18/2022
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