African fintech start-ups Float and Asaak gain funding – FinTech Futures

Ghana-based Float and Uganda-based Asaak have raised $17 million and $30 million in debt and equity, respectively.

Float raises $17m

Ghana’s cashflow and spend management platform for businesses, Float, has closed a $17 million seed funding round of equity and debt.

The round was led by Tiger Global and JAM Fund, the venture capital firm of Tinder co-founder Justin Mateen.

Other participants included Kinfolk, Soma Capital, Ingressive Capital and Magic Fund, and also angel investors such as Michael Seibel (managing director of Y Combinator), Sandy Kory (Horizon Partners), Karim Atiyeh and Eric Glyman (founders of Ramp), Gregory Rockson (mPharma), and Zach Lipson and Ross Lipson (founders of Dutchie).

Debt financing was provided by Cauris.

Float was founded in 2020 and launched six months ago. It says it’s “building next-gen financial software and credit products for businesses in Africa” and “rethinking the modern financial tech stack” by combining credit, business payments, and financial management into one platform.

Asaak raises $30m

In Uganda, asset financing start-up Asaak has raised $30 million in pre-Series A funding.

The round consisted of debt and equity funding. It included Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, and Decentralized VC, plus a number of angel investors.

Founded in 2017, Asaak provides financing to drivers who operate motorcycle taxis (bodabodas) to purchase motorbikes and smartphones for their work.

Its digital platform utilises financial and behavioural data from various third-party platforms, such as mobility/hailing apps, to calculate the borrower’s credit score. The funds – usually around $1,500 – are provided within three days of signing up, with an interest of 1-4% depending on the credit score.

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