Ugandan fintech Asaak raises $30million to support acquisition of motorbikes, smartphones by taxi operators – TechCrunch

AsakUganda’s start-up finance, $ 30 million in pre-Series equity and debt support. New and existing investors, including Resolution Ventures, Social Capital, Hoff Capital, Founding Factory Africa, Poverty Alleviation Trillion, Decentralized VC and several angel investors have participated.

ASAC provides operators with motorcycle financing, which is often closed by strict security requirements, including income history and regular accounting activities.

The beginner works with a number of partners, including mobility and e-commerce platforms, to facilitate motorcycle ownership – earning a living by working on motorcycle taxis (Bodaboda), a popular transport service throughout Africa, and especially as major cities. Kampala.

Through Asak, Bodaboda operators have been able to take ownership of their bicycles, compared to many previously employed by bicycle owners or when renting or renting motorcycles.

“Asak is launching an action-oriented business that will literally move the economy forward and create mobility for these individuals. Bodaboda drivers are the lifeblood of African people by moving people and goods from home to school. They just want to get it, ”said Asak, founder and CEO Dylan Teryl TechCrunch told him.

Other members of the founding team include Anthony Leontiev, Edward Egwalu And Excavator Satar.

Asak approves drivers for motorcycle financing using features such as Bolt, Jumia, Safaboda and Uber, such as income, travel and rating.

Using driver information from these forums, Asaak creates credit score credits. Borrowers can use the Asak app or visit their branches to find out if they are financially eligible. Drivers usually receive Motorcycle Finance (about $ 1,500 credit) within three days and pay 1 to 4 percent interest on their credit score.

“The more confident we are with the information needed to make a loan decision, the less the other requirements will be reduced. We are trying to make it as easy as possible for people to get a loan. He said.

A.D. Assassinated in Soroti Uganda in 2016, Asak borrowed from Motorcycle Finance for farmers and then small and micro enterprises in 2019 and moved to Motorcycle Finance. The beginner has so far purchased 5,000 motorcycles, and has begun providing operators with smart phones and fuel financing.

“We are not only creating a vehicle ownership path by financing such assets, but we are also creating a good but stable source of income for our drivers in the countries where we live. ”

Motorcycle taxi operators are working with Samsung to increase smartphone ownership. Last month, the company announced another partnership with Untapped Global, an investment company focusing on emerging markets to finance more than 2,000 motorcycles over the next year.

Today, the startup operates in 20 countries across the continent in partnership with Standard Bank, headquartered in Johannesburg, South Africa. Digital loan origin system. In this partnership, Asak customers will receive custom services that include both finance and insurance.

“Although we often estimate the power of Boda-Boda (motorcycle transport) in Africa, in many cases, it is an ambulance, a pharmacist and a chef – it brings you everything you need. ” According to Stanbik Bank, Aaron Akampa, Head of Operations, Direct Digital and E-Commerce at Uganda’s Standard Bank.

“Finally, this is a new place for Standard Bank – we have not yet partnered with other players on the continent – this is the first time we have created such a partnership and we cannot wait to see what happens in the future,” said Akampa.

The partnership with the Bank comes as Asak plans to enter six new markets in Africa in the near future.