April 17, 2024

Asaak, which started operations in Soroti Uganda in 2016, pivoted to motorcycle financing in 2019 after a period of lending to farmers and then SMEs. 

The startup has so far financed the purchase of 5,000 motorcycles and has also started providing smartphones and fuel financing to the operators.

Asaak is redefining asset financing, starting in Africa. Through an initial boda (motorcycle) loan, African entrepreneurs can access a breadth of financial products, from smartphone loans to personal loans. 

You can manage the entire process from your smartphone or can visit one of our branches and work directly with a dedicated credit officer.

Asaak offers motorbike financing to operators, who are often locked out by formal banking institutions due to stringent security requirements comprising income history and regular account activity.

The startup works with several partners including mobility and e-commerce platforms to make motorcycle ownership easier for the riders– who earn a living by operating motorcycle taxis (bodaboda), a popular mode of transport across Africa, especially in major cities like Kampala.

Through Asaak, bodaboda operators are now able to own the motorcycles they ride, compared to previously when most of them were either employed by bike owners or were renting or leasing the motorcycles.

Asaak approves riders for motorcycle financing using behavioral and financial data like their earnings, trips made, and their ratings from platforms like Bolt, Jumia, Safeboda, and Uber.

Using rider data from these platforms, Asaak creates a credit score for the borrowers. 

Borrowers can also use the Asaak app or physically visit their branches to know if they qualify for the financing. 

Drivers usually receive motorcycle financing (about $1,500 worth of credit) within three days of signing up and pay an interest of between 1 to 4% depending on their credit score.

Asaak also offers more flexibility in terms of payment and deposit and faster turnaround times than other firms.

In addition, once you are a customer you can access other products and services like a motorcycle and personal loans.

How it Works

Loan Application

You can apply by filling out their application form, on Google Play Store, or by visiting one of their office branches. You can also learn more by calling our helpdesk team toll-free at 0800-388884. 

The requirements are simple because all you need to apply is a valid ID: National ID, Passport, driver’s License, Village ID, two guarantors who have a valid ID, and a 795,000 initial deposit.

The initial application from start to finish will take you about 5-10 minutes to complete and their staff will then reach back out to you directly to process the rest of the loan, which can take 1-3 business days.

Weekly Payments

Weekly payments are subject to the bike model, down payment, loan duration, and whether you need a permit or not. 

When you visit their branch, your personalized payment schedule will be generated by the onboarding officers.

Loan Reimbursement

Once you have a loan, you can repay in several easy ways:

1) You can text “asaak pay” to 6115 to pay by mobile money

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2) You can navigate to the Payment section within the Asaak app and click “Pay”

3) They also accept payment by bank account, via RTGS or EFT

4); You can contact your credit officer for help

Additionally, once you have been disbursed, your repayment schedule will become available in the Asaak app under the “Payment” section.

However, if you miss a payment, your Asaak credit officer will follow up with you to make sure everything is okay.

Asaak understands this may happen, but they do expect all of your payments to be made on time and any exceptions must be documented and approved.

Security

Asaak uses world-class data security and encryption techniques to protect the data you share with us. Asaak also never shares your information with third parties and they do not sell your data or credit profile.

Founders

Kaivan K. Sattar

Kaivan K. Sattar is the CEO & Co-Founder of Asaak. 

He previously worked at LendingHome as a Data Scientist. 

Kaivan K. Sattar attended Columbia Engineering.

Dylan S. Terrill

Dylan Terrill is the Co-Founder & Chief Business Officer of Asaak.

He previously worked at State Street Global Advisors as a Transaction Manager. 

Dylan Terrill attended the University of Massachusetts Amherst.

Investors & Funding Rounds

Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC

Asaak has secured $30 million in pre-Series A equity and debt funding. The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC, and several angel investors.

The startup works with several partners including mobility and e-commerce platforms to make motorcycle ownership easier for the riders– who earn a living by operating motorcycle taxis (bodaboda), a popular mode of transport across Africa, especially in major cities like Kampala.

They are also working with Samsung to drive smartphone ownership among motorcycle taxi operators.

The company also announced another partnership with Untapped Global, an investment company focussing on emerging markets to provide financing for more than 2,000 motorcycles over the next year.

Additionally, the startup has also partnered with Standard Bank, headquartered in Johannesburg, South Africa, and with a presence in 20 countries across the continent, to offer financial services to millions of workers like motorcycle taxi operators in the informal sector through the startup’s proprietary digital loan origination system. 

Through this partnership, Asaak customers will also have access to tailored services encompassing both finance and insurance.

The partnership with the bank comes as Asaak plans to enter six new markets in Africa shortly.

Main Competitors

PayJoy: This offers credit to under-served consumers in emerging markets worldwide.

Bottlepay: It is an app company providing mobile payment, mobile banking, and financial services.

Finja: This is a financial services platform that offers payments, lending, and collection services to professionals and SMEs.

Related:

Ukheshe Technologies: Story, Founders, Investors & Funding Rounds

Global Accelerex: Story, Founders, Investors & Funding Rounds

Chicoa Fish Farm: Story, Founders, Investors & Funding Rounds

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Asaak, which started operations in Soroti Uganda in 2016, pivoted to motorcycle financing in 2019 after a period of lending to farmers and then SMEs. 

The startup has so far financed the purchase of 5,000 motorcycles and has also started providing smartphones and fuel financing to the operators.

Asaak is redefining asset financing, starting in Africa. Through an initial boda (motorcycle) loan, African entrepreneurs can access a breadth of financial products, from smartphone loans to personal loans. 

You can manage the entire process from your smartphone or can visit one of our branches and work directly with a dedicated credit officer.

Asaak offers motorbike financing to operators, who are often locked out by formal banking institutions due to stringent security requirements comprising income history and regular account activity.

The startup works with several partners including mobility and e-commerce platforms to make motorcycle ownership easier for the riders– who earn a living by operating motorcycle taxis (bodaboda), a popular mode of transport across Africa, especially in major cities like Kampala.

Through Asaak, bodaboda operators are now able to own the motorcycles they ride, compared to previously when most of them were either employed by bike owners or were renting or leasing the motorcycles.

Asaak approves riders for motorcycle financing using behavioral and financial data like their earnings, trips made, and their ratings from platforms like Bolt, Jumia, Safeboda, and Uber.

Using rider data from these platforms, Asaak creates a credit score for the borrowers. 

Borrowers can also use the Asaak app or physically visit their branches to know if they qualify for the financing. 

Drivers usually receive motorcycle financing (about $1,500 worth of credit) within three days of signing up and pay an interest of between 1 to 4% depending on their credit score.

Asaak also offers more flexibility in terms of payment and deposit and faster turnaround times than other firms.

In addition, once you are a customer you can access other products and services like a motorcycle and personal loans.

How it Works

Loan Application

You can apply by filling out their application form, on Google Play Store, or by visiting one of their office branches. You can also learn more by calling our helpdesk team toll-free at 0800-388884. 

The requirements are simple because all you need to apply is a valid ID: National ID, Passport, driver’s License, Village ID, two guarantors who have a valid ID, and a 795,000 initial deposit.

The initial application from start to finish will take you about 5-10 minutes to complete and their staff will then reach back out to you directly to process the rest of the loan, which can take 1-3 business days.

Weekly Payments

Weekly payments are subject to the bike model, down payment, loan duration, and whether you need a permit or not. 

When you visit their branch, your personalized payment schedule will be generated by the onboarding officers.

Loan Reimbursement

Once you have a loan, you can repay in several easy ways:

1) You can text “asaak pay” to 6115 to pay by mobile money

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2) You can navigate to the Payment section within the Asaak app and click “Pay”

3) They also accept payment by bank account, via RTGS or EFT

4); You can contact your credit officer for help

Additionally, once you have been disbursed, your repayment schedule will become available in the Asaak app under the “Payment” section.

However, if you miss a payment, your Asaak credit officer will follow up with you to make sure everything is okay.

Asaak understands this may happen, but they do expect all of your payments to be made on time and any exceptions must be documented and approved.

Security

Asaak uses world-class data security and encryption techniques to protect the data you share with us. Asaak also never shares your information with third parties and they do not sell your data or credit profile.

Founders

Kaivan K. Sattar

Kaivan K. Sattar

Kaivan K. Sattar is the CEO & Co-Founder of Asaak. 

He previously worked at LendingHome as a Data Scientist. 

Kaivan K. Sattar attended Columbia Engineering.

Dylan S. Terrill

Dylan S. Terrill

Dylan Terrill is the Co-Founder & Chief Business Officer of Asaak.

He previously worked at State Street Global Advisors as a Transaction Manager. 

Dylan Terrill attended the University of Massachusetts Amherst.

Investors & Funding Rounds

Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC

Asaak has secured $30 million in pre-Series A equity and debt funding. The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC, and several angel investors.

The startup works with several partners including mobility and e-commerce platforms to make motorcycle ownership easier for the riders– who earn a living by operating motorcycle taxis (bodaboda), a popular mode of transport across Africa, especially in major cities like Kampala.

They are also working with Samsung to drive smartphone ownership among motorcycle taxi operators.

The company also announced another partnership with Untapped Global, an investment company focussing on emerging markets to provide financing for more than 2,000 motorcycles over the next year.

Additionally, the startup has also partnered with Standard Bank, headquartered in Johannesburg, South Africa, and with a presence in 20 countries across the continent, to offer financial services to millions of workers like motorcycle taxi operators in the informal sector through the startup’s proprietary digital loan origination system. 

Through this partnership, Asaak customers will also have access to tailored services encompassing both finance and insurance.

The partnership with the bank comes as Asaak plans to enter six new markets in Africa shortly.

Main Competitors

PayJoy: This offers credit to under-served consumers in emerging markets worldwide.

Bottlepay: It is an app company providing mobile payment, mobile banking, and financial services.

Finja: This is a financial services platform that offers payments, lending, and collection services to professionals and SMEs.

Related:

Ukheshe Technologies: Story, Founders, Investors & Funding Rounds

Global Accelerex: Story, Founders, Investors & Funding Rounds

Chicoa Fish Farm: Story, Founders, Investors & Funding Rounds

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