Asaak Financial Services Limited

Asaak Financial Services Limited is a fintech company focused on enhancing financial inclusion in Africa by offering asset-based financing solutions to underserved entrepreneurs, particularly in the mobility sector.

🏢 Company Overview

• Founded: 2016

• Headquarters: New York, USA, with significant operations in Kampala, Uganda

• Company Size: 51–200 employees

• Website: asaak.com

• Mission: To fuel Africa’s growth by investing in the small and medium enterprise (SME) community

💼 Products & Services

Asaak provides digital, data-driven lending products tailored for gig economy workers and small businesses:

• Motorcycle (Boda Boda) Loans: Enabling ride-hailing drivers to own their vehicles, thereby increasing their earning potential.

• Smartphone Financing: Utilizing Samsung’s Knox Guard technology to secure devices.

• Fuel Loans: Offering credit lines for fuel purchases.

• Personal Loans: Based on the Asaak Credit Score (ACS), a proprietary credit scoring system.

These services are delivered through a fully digital platform, allowing borrowers to apply, receive credit scores, and access funds via a mobile app.

📊 Business Model & Performance

Asaak operates on a B2B2C model, partnering with major gig economy platforms like SafeBoda, Bolt, and Jumia to provide financial services to their drivers. This approach has resulted in:

• 6,000+ loans disbursed, totaling over $8 million.

• 95% repayment rate, indicating strong borrower reliability.

• 76% gross margin achieved in 2021.

• 15.7x revenue growth over an 11-month period.

• $30 million raised in equity, debt, and grant capital from investors such as Social Capital, 500 Startups, and Resolute Ventures.

🤝 Strategic Partnerships

Asaak has established key partnerships to expand its reach and offerings:

• Standard Bank Group: Collaborating to finance and insure motorcycle loans, aiming to provide comprehensive financial services across Africa.

• Cauris Finance: Secured a $20 million debt facility to support loan book expansion.

• Samsung: Utilizing Knox Guard technology to manage smartphone financing risks.

👥 Leadership Team

• Kaivan Sattar (CEO & Founder): Former data scientist at LendingHome and quantitative analyst at the Federal Reserve Bank of New York.

• Anthony Leontiev (CTO): Experienced software engineer with a background in building scalable tech platforms.

• Dylan Terrill (CBO): Former early employee at TikTok and DoorDash, focusing on capital markets and finance.

• Edward Egwalu (COO): Expert in IT and operations with experience in public health-focused NGOs.

🌍 Geographic Reach

Asaak operates in multiple cities across Uganda, including Kampala, Jinja, Mukono, Matugga, Nabbingo, Fort Portal, Gulu, and Soroti. The company has also expanded its services to parts of sub-Saharan Africa and Mexico, aiming to address the global need for accessible capital.

📞 Contact Information

• Email: support@asaak.com

• Phone: 0800-388884 (Toll-Free in Uganda)

• Address: Plot 1463 Temanju Lane, Kiwatule, Kampala, Uganda