Asaak
Next generation asset-backed loans for Africa.
Overview
Raised: $289,487
Total Commitments ($USD)
Republic
08/18/2022
01/27/2023
$25,000
$535,000
$150
SAFE
Series A
RegCF
$50,000,000
0%
Rolling Commitments ($USD)
01/31/2023
1,158%
54%
$1,787
699
Emeryville, California
Financial & Insurance Products & Services
Fintech
B2B2C
High
Low
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.