Asaak

Growth Stage

Next generation asset-backed loans for Africa.

Analytics

Raised to Date: 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
extremely
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

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: 08/18/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Asaak 04/27/2023 Republic $50,000,000 $179,606 SAFE Active RegCF
Asaak 04/14/2021 Republic $10,000,000 $899,918 SAFE Funded RegCF
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Asaak on Republic 2022
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Platform: Republic
Security Type: SAFE
Valuation: $50,000,000
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