Asaak
Asaak is a Uganda-based fintech providing asset financing — primarily motorcycles, plus fuel cards and smartphones — to unbanked gig-economy mobility workers, using a proprietary alternative-data credit score and channel partnerships with ride-hailing platforms. It operates in Uganda and Mexico via the 2023 FlexClub Mexico acquisition.
- Company typePrivate
- Founded2017
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Asaak does
Asaak is a Uganda-headquartered fintech that provides asset financing to gig-economy mobility workers in emerging markets, with the motorcycle (boda boda) as its anchor product. Founded in 2017, the company disburses the financed asset directly — motorcycles, prepaid fuel cards, and smartphones — rather than cash, on weekly repayment schedules over 12–30 month terms. Its underwriting relies on a proprietary credit score that fuses alternative data sources (ride-hailing app trip counts, SACCO savings history, and repayment behavior) to approve borrowers excluded from traditional banking, with the financed vehicle carrying tracking and insurance to mitigate credit risk. Distribution is hybrid: a mobile app and online application feed self-serve acquisition, supplemented by eight physical branches across Uganda and channel partnerships with SafeBoda, Bolt, Jumia, and SACCOs.
The business model is asset-backed lending with multiple monetization layers. Core revenue streams are interest/fees on Boda Boda loans (12/24/30-month terms with a 795,000 UGX initial deposit), Fuel Loans loaded onto restricted-use prepaid cards, and Smartphone Loans. A secondary driver-referral stream generates transaction fees by placing pre-screened, GPS-tracked, insured drivers with logistics and ride-hailing partners. As of 2022 Asaak had raised over $30 million in combined equity (Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, Untapped Global, End Poverty Make Trillions, Decentralized VC, Simple Capital) and debt (Cauris Finance), claimed Uganda profitability, acquired FlexClub Mexico in August 2023 to enter Latin America, and in 2024 deployed 2,000+ electric motorcycles with Spiro across Uganda. The platform reports 142M+ km driven and 2.7M+ ride-hailing/e-logistics hours in Asaak-financed vehicles.
Asaak firmographics
Firmographics- Name
- Asaak
- Legal name
- Asaak Financial Services Limited
- Website
- https://asaak.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Asaak is a Uganda-based fintech providing asset financing — primarily motorcycles, plus fuel cards and smartphones — to unbanked gig-economy mobility workers, using a proprietary alternative-data credit score and channel partnerships with ride-hailing platforms. It operates in Uganda and Mexico via the 2023 FlexClub Mexico acquisition.
- Ownership category
- akta.pro rank
Asaak industry classification
Industry- Product category
- Consumer Asset Financing
- NAICS
- Sales Financing (52222), Credit Intermediation and Related Activities (522)
- SIC
- Personal Credit Institutions (6141), Finance Lessors (6172)
- akta.pro primary industry
- New & Used Auto Purchase Loans (FSAKADAA)
- akta.pro secondary industry
- Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)
Keywords
Where Asaak is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices9 records
Markets served
Asaak business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure
Revenue model
- Boda Boda (Motorcycle) Loans: Asset financing for motorcycles with flexible payment plans over 12, 24, or 30 months. Customers pay initial deposit and make weekly payments. This is the primary revenue stream and entry point to the Asaak credit ecosystem.
- Fuel Loans: Prepaid card loans for fuel purchases at partner petrol stations. Funds loaded onto cards restrict usage to fuel purchases, ensuring productive use while generating interest/fees on the loan amount.
- Smartphone Loans: Financing for smartphones with latest models available. Part of the broader financial ecosystem targeting gig workers and entrepreneurs.
- Driver Referrals: Recruitment fee charged to logistics companies and ride-hailing apps for referring pre-screened, credit-documented drivers with documented history, guarantors, insured motorcycles, and tracking devices.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Weekly | Boda Boda Loan - 12, 24, or 30 month terms |
Distribution channels5 records
Marketing channels4 records
Asaak product offering
Product offeringCore offering
Asaak provides asset-backed financing to mobility and gig-economy workers in emerging markets, with motorcycle (boda boda) loans as the entry product, followed by prepaid fuel cards and smartphone loans. Customers apply via mobile app, web, or branches, and are underwritten by a proprietary alternative-data credit score that approves borrowers without traditional credit history. Repayment is collected via mobile money and weekly installments of 12–30 months.
Product overview
Asaak is an asset financing platform operating in Uganda and Latin America (Mexico), offering a suite of financial products centered on asset financing for gig economy workers. The core product is the Boda Boda Loan for motorcycle financing, which serves as the entry point to Asaak's credit ecosystem. From this foundation, customers can access additional financial products including Fuel Loans (prepaid cards for fuel purchases at partner stations) and Smartphone Loans. The platform operates through both online channels (mobile app, website) and physical branches, with the vehicle financing creating pathways to additional credit for fuel, repairs, and other needs.
Differentiator
Problem solved
Functional benefit
Products and services
- Boda Boda Loan Motorcycle financing for ride-hailing and delivery drivers; customers pay an initial deposit and 12, 24, or 30 month weekly installments to own the bike.
- Fuel Loan Prepaid card loan that can only be used to purchase fuel at partner petrol stations; locks loan funds to productive use for motorbike taxi drivers.
- Smartphone Loan Mobile device financing that lets customers acquire the latest smartphone models to participate in Asaak's mobile-first digital financial services.
- Asaak Mexico (formerly FlexClub Mexico) Vehicle leasing and credit solutions for mobility workers in Mexico, offering transparent car leases acquired through FlexClub Mexico's Uber partnership.
Quantifiable outcome
- 135M+ KMs driven in Asaak vehicles (now 142M+)
- +5 more outcomes
Companies that use Asaak
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Asaak technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Asaak partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, flagship and minor.
- SpirocorePartnership with regional mobility company Spiro to deploy electric motorcycles. Asaak deployed over 2,000 electric motorcycles across Uganda within four months, supporting Uganda's transition to sustainable transport and enhancing financial inclusion for boda boda riders.
- FlexClub MexicoflagshipAsaak acquired FlexClub Mexico to expand into Latin America. The acquisition brings FlexClub's team including Javier Serrano (now GM of Asaak Mexico), Gerardo Cedano, Karen Garcia, and Emmanuel Velez. FlexClub Mexico had received thousands of vehicle applications through Uber partnership over 4 years. Asaak will introduce its incremental credit ecosystem model to Mexico, enabling workers to access affordable credit for economic advancement.
- SafeBodacorePartnership with SafeBoda, an African mobility company connecting passengers with trained boda boda drivers through an app. Asaak approves SafeBoda drivers for motorcycle loans based on platform data.
- Bolt (Taxify)corePartnership with Bolt (Taxify) for approving boda drivers for motorcycle loans. Bolt-Uganda operations specialist Moses Mugerwa participated in Asaak's bike financing partnership. Drivers approved based on trip data from the Bolt app.
- JumiacorePartnership with Jumia for financing delivery drivers and providing alternate employment during COVID-19. Asaak drivers transitioned to food and cargo delivery when passenger transport was banned.
- SACCOs (Savings and Credit Cooperatives)minorPartnership with Savings and Credit Cooperatives wherein Asaak approves boda drivers for motorcycle loans based on number of months spent saving with the SACCO.
- Rocket HealthminorPartnership with Rocket Health (service of The Medical Concierge Group) for delivering pharmacy medicines. Asaak drivers provided essential goods delivery during COVID-19, with drivers working as pharmacy delivery couriers.
- Uber (Mexico)coreFlexClub Mexico's partnership with Uber in Mexico resulted in thousands of vehicle applications from mobility workers. This partnership will be continued by Asaak Mexico.
Scale indicators8 records
Recent moves7 records
Expansion highlights7 records
Asaak competitors and assessment
Company assessmentDirect peers
- M-Kopa: Pay-as-you-go asset financing platform serving unbanked customers across East Africa with smartphones, solar home systems, and motorcycles. Comparable in using alternative-data underwriting and asset-backed credit to serve thin-file African consumers.
- Watu Africa: East African asset financier providing motorcycles and vehicles on credit to boda boda and taxi drivers. Direct peer given shared asset-backed motorcycle financing model, similar customer base, and overlapping East African footprint.
- PayJoy: Device financing fintech that uses smartphone lock technology and alternative data to extend credit to underbanked consumers in emerging markets. Closely comparable to Asaak's smartphone loan product and overall asset-financing-for-gig-workers thesis.
- Moove: Mobility fintech providing vehicle financing to ride-hailing drivers across Africa and emerging markets. Direct peer given shared mission of financing productive assets for gig-economy mobility workers.
- Tugende: Uganda- and East Africa-based asset financing company offering motorcycle and automotive financing to informal-sector drivers using alternative-data underwriting. Closely comparable to Asaak on customer segment, geography, product (motorcycle-backed loans), and credit-scoring methodology.
- FlexClub: South African mobility subscription platform; Asaak acquired its Mexico subsidiary. The parent provides comparable vehicle-financing and subscription services to African gig workers, making it a direct functional peer in the mobility-worker asset-financing category.
Emerging players
- Tala: Mobile credit platform providing personal loans to underbanked consumers in emerging markets using smartphone-based alternative data. Adjacent peer given shared alternative-data underwriting for thin-file borrowers.
- Spiro: Electric-mobility company deploying electric motorcycles across Africa, including Uganda. Asaak is both a financier and partner to Spiro, making it a meaningful adjacent/emerging peer in the African motorcycle ecosystem.
- Branch International: Digital lending platform serving emerging-market consumers and small businesses via mobile. Comparable on alternative-data underwriting and unbanked-segment focus, though less asset-backed than Asaak.
Others
- FortyTwo Ventures (FTV): Emerging-markets fintech investor and operator focused on lending and asset-financing platforms in Africa and Latin America. Relevant as an ecosystem peer/advisor given its investments in adjacent African fintech plays.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Asaak social profiles
Digital presenceAsaak financial estimates
Financial estimateRevenue estimate
Valuation estimate
Asaak leadership team
Management profileNumber of profiles
Profiles4 records
Asaak subsidiaries and ownership
Company hierarchySubsidiaries1 record
Asaak funding detail
Funding detailFunding overview
Funding rounds11 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Asaak M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Asaak
What does Asaak do?
Asaak provides asset-backed financing to mobility and gig-economy workers in emerging markets, with motorcycle (boda boda) loans as the entry product, followed by prepaid fuel cards and smartphone loans. Customers apply via mobile app, web, or branches, and are underwritten by a proprietary alternative-data credit score that approves borrowers without traditional credit history. Repayment is collected via mobile money and weekly installments of 12–30 months.
Is Asaak a public or private company?
Asaak is a private company. It is classified as venture growth investor backed and is currently operating.
When was Asaak founded?
Asaak was founded in 2017. It employs 101 to 250 people.
Where is Asaak based?
Asaak is headquartered in New York, United States, in the North America region.
How does Asaak make money?
Four revenue lines are on record. Boda Boda (Motorcycle) Loans are the primary driver. The others are fuel Loans, smartphone Loans and driver Referrals.
Who are Asaak's main competitors?
Direct peers on record are M-Kopa, Watu Africa, PayJoy, Moove, Tugende and FlexClub. Emerging players are Tala, Spiro and Branch International. FortyTwo Ventures (FTV) is listed as an others.
Does Asaak have an API?
No public API is recorded for Asaak.
What industry is Asaak in?
Asaak's product category is Consumer Asset Financing. Its primary akta.pro industry code is FSAKADAA, New & Used Auto Purchase Loans, with a secondary code of FSAGALAD, Embedded Lending & Credit (POS, Working Capital, Credit Lines). Its NAICS code is 52222 and its SIC code is 6141.