Asaak lands funding to support gig workers in Africa

Uganda-based asset financing startup Asaak has raised $30m in pre-Series A equity and debt funding, a report from TechCrunch has revealed.

New and existing investors participated in the round, including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors.

Asaak offers financial services via a digital platform to entrepreneurs who otherwise would not have access. Asaak’s boda boda (motorbike) financing program approves drivers for loans based on financial and behavioural data, such as the number of trips completed on mobility apps, including Bolt (Taxify), Safeboda, Uber and Jumia. Most boda drivers rent motorcycles because they cannot afford to buy one in cash, nor do they have the formal credit or income history to qualify for a bank loan.

Asaak partnered with Untapped Global, an innovative investment company focused on emerging markets, in December 2021. The partnership aimed to revolutionise motorcycle leasing in Uganda.

Dylan Terrill, Asaak co-founder and chief business officer, said: “Asaak is unlocking mobility-based work, which literally moves the economy forward and creates upward mobility for these individuals.

“Bodaboda riders are the lifeblood of Africa, moving people and cargo from home to school to work. They just need access to motorcycles which leads them to better income opportunities and makes them able to provide for their families.”

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