# Asaak Financial Services

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/asaak-financial-services

- Industry: Financial Services
- Headquarters: Kampala, Uganda
- Website: www.asaak.co
- Total disclosed funding: $1.5M
- Latest round: Seed (Jan 1, 2018)
- Investors on record: 6

## About

Asaak Financial Services Limited provides innovative asset financing solutions, focusing on motorcycles and smartphones, to enhance the economic activities of individuals, particularly in Uganda.Asaak Financial Services Limited, established in 2016 and headquartered in Kampala, Uganda, specializes in providing asset financing solutions for motorcycles and smartphones. The company was founded by Anthony Leontiev. Asaak has completed a total of 4 deals, with the most recent deal occurring on January 17, 2022, during which they raised USD 1.5 mn in a Seed funding round, which is the total amount raised to date.Asaak specializes in providing asset financing solutions primarily for motorcycles, commonly known as boda bodas, and smartphones. Their services are designed to facilitate access to essential tools that empower individuals to enhance their economic activities, thereby enabling them to pursue entrepreneurial opportunities. Asaak’s offerings cater to a diverse client base, including individuals seeking to operate boda boda businesses and those desiring smartphones for personal or professional use. The financing process typically involves the use of an app through which customers can apply for loans, supported by the guidance of Asaak Credit Officers who assist in verifying applications. Asaak operates within key regions in Uganda, specifically in urban centers such as Kampala and Jinja, ensuring broad accessibility to their services.Asaak generates revenue primarily through the financing of motorcycles and smartphones, where clients repay their loans over time. Transactions typically occur on a direct-to-consumer basis, facilitating a streamlined process for individuals to acquire the necessary assets to enhance their livelihoods. Upon loan approval, clients may be required to visit Asaak's offices or disbursement centers to collect their financed products, after which they begin to make repayments. Asaak also implements a credit scoring system that rewards timely repayment, potentially unlocking additional financial products for clients. The structure of these transactions emphasizes affordability and accessibility, aligning with Asaak's mission to support the growth of their clients’ businesses.In January 2022, Asaak Financial Services Limited raised USD 1.5 mn in funding to support the acquisition of motorbikes and smartphones for taxi operators. The company plans to introduce additional financing products tailored to enhance its offerings and expand its client base in the upcoming year. Asaak is targeting further market penetration within Uganda and aims to explore opportunities in neighboring countries to broaden access to their services. The funding will be pivotal in these initiatives, enabling Asaak to strengthen its operational infrastructure and reach a larger audience.

## Funding rounds

- Seed, Jan 1, 2018, $1.5M — 500 Global, Social Capital, Resolute Ventures, HOF Capital, Locke Mountain Ventures, Catalyst Fund

## Investors

- 500 Global (https://capitalatlas.ai/funds/500-global) — Seed
- Social Capital (https://capitalatlas.ai/funds/social-capital) — Seed
- Resolute Ventures (https://capitalatlas.ai/funds/resolute-ventures) — Seed
- HOF Capital (https://capitalatlas.ai/funds/hof-capital) — Seed
- Locke Mountain Ventures — Seed
- Catalyst Fund (https://capitalatlas.ai/funds/catalyst-fund) — Seed