Ugandan fintech Asaak raises $30million to support acquisition of motorbikes, smartphones by taxi operators

The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors.Asaak offers motorbike financing to operators, who are often locked out by formal banking institutions due to stringent security requirements comprising income history and regular account activity.The startup works with a number of partners including mobility and e-commerce platforms to make motorcycle ownership easier for the riders– who earn a living by operating motorcycle taxis (bodaboda), a popular mode of transport across Africa, and especially in major cities like Kampala.Through Asaak, bodaboda operators are now able to own the motorcycles they ride, compared to previously when most of them were either employed by bike owners, or were renting or leasing the motorcycles.“Asaak is unlocking mobility-based work, which literally moves the economy forward and creates upward mobility for these individuals.