Asaak

Overview

Raised to Date: Raised: $289,487

Deal Terms

Investment Momentum

Company Profile

Deal Summary

Financials

Funding History

Total Commitments ($USD)

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

Funding Type

RegCF

Valuation Cap

$50,000,000

Discount Rate

0%

Venture Capital Investors:

500 Startups

Social Capital

catalyst fund

HOF capital

Resolute ventures

Rolling Commitments ($USD)

Status

Funded

Reporting Date

01/31/2023

Days Remaining

Funded

% of Min. Goal

1,158%

% of Max. Goal

54%

Likelihood of Max

Funded

Avg. Daily Raise

$1,787

# of Investors

699

Momentum

Funded

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Asaak

Location

Emeryville, California

Industry

Financial & Insurance Products & Services

Tech Sector

Fintech

Distribution Model

B2B2C

Margin

High

Capital Intensity

Low

Business Type

High Growth

SEC Filing

Company Website

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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Raise History

Offering Name	Close Date	Platform	Valuation/Cap	Total Raised	Security Type	Status	Reg Type
Asaak	01/27/2023	Republic	$50,000,000	$289,487	SAFE	Funded	RegCF
Asaak	04/14/2021	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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