Home » Meet Ugandan-based entrepreneur who secured $30 million in funding for his startup this year

Meet Ugandan-based entrepreneur who secured $30 million in funding for his startup this year

by Feyisayo Ajayi
Kaivan Sattar

Kaivan Sattar is a Ugandan-based entrepreneur who is shaking up the African fintech scene with his startup, Asaak, a financial service provider that offers asset financing to small and medium-sized businesses in Africa, particularly those that may not have access to traditional banking options.

Sattar founded Asaak in 2016 with the goal of empowering marginalized entrepreneurs and helping them achieve economic success. With a background in data science and finance, Sattar is well-equipped to lead the fintech startup and help it achieve its goals.

Prior to founding Asaak, he worked as a data scientist at LendingHome, a fintech lending startup, and as a quant at the Federal Reserve Bank of New York.

Sattar’s diverse background and multilingual skills have given him a unique perspective on the needs of small and medium-sized business owners, and he has lived in seven countries, gaining valuable insight into the challenges faced by entrepreneurs around the world.

Since its founding, the startup has experienced tremendous growth, financing more than 5,000 motorcycles and offering smartphones and fuel financing to operators. The company has also entered partnerships with platforms such as Bolt, Glovo, SWVL, Amitruck, Safeboda, Gokada, and Max.ng to assist vendors with their operational needs.

In line with its expansion plans, Asaak recently secured $30 million in a pre-Series-A funding round, led by investors including Resolute Ventures, Social Capital, and Founders Factory Africa. In addition to this funding, it also raised $800,000 in pre-seed funding from investors.

These capital injections will be used to support the acquisition of motorcycles for operators, the adoption of smartphones by taxi operators, and the expansion of Asaak’s team and technology.

With these resources at its disposal, Asaak is well-positioned to enter new markets, such as Ghana and Egypt, and continue to make a positive impact on the lives of marginalized entrepreneurs in Africa.

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