๐Ÿš€ NEW LAUNCH: $4.4 raised to date from investors in Slack, Canva, & Udemy | Asaak launches on Republic

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Asaak launches on Republic

The next generation of asset-backed loans for Africa
Highlights
โ€ข $4.4M raised to date from top funds: Social Capital, 500 Startups, & others
โ€ข 1.3K+ loans disbursed with 95% on-time payment collection rate
โ€ข Profitable in Q4 2020
โ€ข 39% gross margin and 17% profit margin
โ€ข 97% average MoM revenue growth Q3 to Q4 2020
โ€ข Lending at scale: received $10M term sheet, with ability to unlock $30M
Traditional finance in Africa isnโ€™t serving everyone. 2.5B+ people across the world lack access to formal credit and face financial exclusion, which has created a $360B credit gap in Africa alone. Traditional lenders cannot scale lending due to poor customer experiences, poor credit capabilities and overall limited reach.
Asaak was founded with the mission to unlock financial services for all Africans. They have created a completely digital end-to-end lending marketplace, enabling Africans to access financial services and credit, and enabling investors to invest directly into Asaak’s loans.

Meet your co-investors
Join investors in Canva, Udemy, Behance, Slack, Intercom, SurveyMonkey, and more by investing in Asaak.
Asaak’s Impact and Customers
How it works: A customer comes to Asaak for a motorcycle (boda) loan to help their business flourish, but they stay for the additional products that they are able to tap into. As a borrower builds equity into their motorcycle loan, they can tap into analogous products.
Meet John Bosco, one of Asaak’s first drivers.

Before coming to Asaak, John Bosco rented a motorcycle from a โ€œboss,โ€ a common practice in Uganda. Every day, heโ€™d have to pick up and drop off the bike at the ownerโ€™s house – a 45 minute commute each way via bus. The bike was old and constantly needed repairs, which John Bosco couldnโ€™t afford. He typically earned $65 per week.
John Bosco first came to Asaak after being referred by a friend. We helped him buy his first motorcycle on credit in 3 days, making him a business owner. In his first 2 weeks with Asaak he drove over 1,100 KM, increasing his weekly income by 50%. He quickly became one of Asaakโ€™s best clients, helping us to reach new drivers and piloting our fuel loan product.

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