Asaak has raised a whopping USD 30 Million in Funding from Various Investors to Grow its Fintech firm

Asaak has raised a whopping USD 30 Million in Funding from Various Investors to Grow its Fintech firm
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The Ugandan Fintech company, Asaak, has recently raised funds amounting to around USD 30 Million from several Venture Capital (VC) companies and several angel investors. The company has partnered up with several firms in the mobility and E-commerce platforms, making the ownership of motorbikes more easily accessible to riders.

In Africa, the Bodaboda riders’ business is essential for livelihood. Asaak is a Finance service company in Uganda providing credit facilities to Bodaboda riders, basically Motorcycle cab drivers. These drivers can feed their families by having access to a motorcycle; Bodaboda is a job opportunity and a way to earn income for many people.

Also Read : UK’s Fintech Farm Raised $7.4M In VC Funding To Launch Neo Banks In Eight Emerging Markets

The importance of the Bodaboda riders is not to be underestimated. They play an integral role in African societies. They are not just ordinary cab drivers, and they can act as an ambulance as well. They take kids to their schools and employees to their work; they are one of the continent’s most used means of transportation. 

The Ugandan Fintech firm has made it easy for Bodaboda riders to own a motorcycle now. In contrast, previously, these drivers had to either rent a bike or work under someone who owns motorcycles. Asaak provides motorcycle financing to Bodaboda riders who are frequently turned down by traditional banks, due to the stringent banking practices, mainly for security reasons where clients are required to provide their income history and have time to time account activity.

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The company announced a partnership with Untapped Global in December to finance around Two thousand Ugandan Bodaboda riders within a year. However, the firm claims that it has financed around five thousand Bodaboda riders in purchasing motorbikes ever since it commenced its operations.

Currently, Asaak runs its operations in around twenty African countries, providing the necessary financial assistance to millions of people working in the informal sector, using their digital system for providing loans.

Uganda has more than a million Bodaboda riders, and Asaak is trying a lot to resolve the issues drivers face while trying to own a motorcycle, i.e., in terms of getting the necessary finance to make the purchase; with this new funding, the company can expand its operations and work on achieving their vision. 

Also Read: British-based GPS Ltd. increases Funding by USD 100 Million to Expand their Operations in Fintech

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