Asaak
“Can a Uganda-born asset-finance lender for gig drivers become the credit rails for emerging-market boda/rideshare economies globally?”
HQKampala, Uganda
Total raised$30M+ (pre-Series A, equity and debt)
Latest roundPre-Series A, January 2022
IndustryFintech / Lending
The story
Asaak began as a Ugandan asset-financing startup providing boda boda (motorcycle) loans to operators locked out of formal banking. The product line expanded to fuel cards and smartphone loans, building an internal credit-scoring system (Asaak Credit Score) that unlocks further products as borrowers repay. In 2023 it acquired FlexClub Mexico, signaling a geographic expansion from Africa to Latin America while remaining focused on income-generating asset finance for the gig/transport economy.
Last 12 months
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Product timeline
2018
Asaak announces $1.5M seed round; Uganda-based asset financing startup focused on boda boda (motorcycle) loans.· lending
2021
Partners with Untapped Global to finance 2,000+ motorbikes in Uganda.· lending
2022
Raises $30M pre-Series A in equity and debt led by Resolute Ventures, Social Capital, HOF Capital.· lending
2023
Acquires FlexClub Mexico, expanding into Latin America.· acquisition
The stack
Lending
Accounting gap: none