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

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Asaak, a Ugandan asset financing startup, has secured $30 million in pre-Series A equity and debt funding. 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. Bodaboda riders are the lifeblood of Africa, moving people and cargo from home to school to work. They just need access to motorcycles which leads them to better income opportunities and makes them able to provide for their families,” said Asaak co-founder and chief business officer Dylan Terrill.

Other members of the founding team include Anthony Leontiev, Edward Egwalu and Kaivan Sattar.

Asaak approves riders for motorcycle financing using behavioral and financial data like their earnings, trips made and their ratings from platforms like Bolt, Jumia, Safeboda and Uber.

Using rider data from these platforms, Asaak creates a credit score of the borrowers. Borrowers can also use the Asaak app or physically visit their branches to know if they qualify for the financing. Drivers usually receive motorcycle financing (about $1,500 worth of credit) within three days of signing up, and pay an interest of between 1 to 4% depending on their credit score.

“The more confident that we are with the data that we have to make a lending decision, the less the other requirements they would need to have. We’re trying to make it as easy as possible for people to get loans. But in some cases, yes, it’s necessary (to have a guarantor) and it makes sense from a lending perspective,” said Terrill.

Asaak, which started operations in Soroti Uganda in 2016, pivoted to motorcycle financing in 2019 after a period of lending to farmers then SMEs. The startup has so far financed the purchase of 5,000 motorcycles, and has also started providing smartphones and fuel financing to the operators.

“By financing these types of assets, we’re not just creating a pathway to vehicle ownership, which is good in itself, but we’re creating a stable source of income because of the reliance of drivers throughout the countries that we are in.”

They are also working with Samsung to drive smartphone ownership among motorcycle taxi operators. Last month, the company announced another partnership with Untapped Global, an investment company focussing on emerging markets to provide financing for more than 2,000 motorcycles over the next one year.

Today, the startup has also partnered with Standard Bank, headquartered in Johannesburg, South Africa and with a presence in 20 countries across the continent, to offer financial services to millions of workers (like motorcycle taxi operators) in the informal sector through the startup’s proprietary digital loan origination system. Through this partnership Asaak customers will also have access to tailored services encompassing both finance and insurance.

“While we often underestimate the power of the boda-boda (motorcycle transport) in Africa, in many circumstances, it is an ambulance, a pharmacist, and a chef – it brings you everything you need. It takes children to school, it brings people to job interviews, it provides livelihoods for hundreds of millions of Africans,” said Stanbic Bank, Standard Bank’s operation in Uganda, head of direct digital and e-commerce Aaron Akampa.

“Ultimately, this is new ground for Standard Bank – we haven’t partnered with any other players in this space on the continent yet – it’s the first time we are creating a partnership like this and we can’t wait to see what is ahead,” said Akampa.

The partnership with the bank comes as Asaak plans to enter six new markets in Africa in the near future.



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    There are two main methods for passing hair drug test that has a track record of passing. One is called the Macujo method, and the other is the Jerry G method. Although they have similarities, the Jerry G method is more invasive.
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    About 20 years ago, a company called Nexxus created Aloe Rid shampoo. It was designed for getting rid of free radicals, and helping people who had lots of contamination in the hair.
    But it was too effective and actually caused irritation of the scalp for some people. But as a side effect, it was found by people trying to pass drug test that it had the ability to take the drug toxins out of the hair.
    On its own though, it’s not that effective, and you would have to use it a lot of times if you are anything more than a very moderate drug user.
    So, that’s why it’s a crucial ingredient of the Macujo method. If you really want to learn how to pass a hair follicle drug test, then you have to look at the Macujo method as the only way to do it comprehensively.
    The Macujo method uses a range of ingredients to open up the cuticle layer, flush out the toxins, and then leave the hair in good condition without burning the hair or scalp.
    Macujo Method: Full Seven Day Course Instructions
    You should do the Macujo method once per day for seven days, so a total of seven times running through this set of instructions I’m now going to give you.
    If you have less time, then do it twice per day where needed. Try and always run through the Macujo method seven days before your drug test if you possibly can.
    The full instructions for each run-through are:
    1. Get your ingredients together. You will need the following:
    • Aloe Toxin Rid shampoo
    • Zydot Ultra Klean shampoo
    • Clean & Clear Pink shampoo (or similar salicylic shampoo)
    • Tide liquid laundry detergent (or similar)
    • Good quality white vinegar (Heinz or similar)
    • Rubber gloves
    • Swimming goggles
    • Clingfilm
    2. Before you start, you need to remove any toxin contamination. That means stopping taking drugs. It also means washing your clothes, washing your hair, and completing the Macujo method in a room where there won’t be any drug contamination. Also, keep away from cannabis smoke, and other situations where stray drug toxins could get attached to your clothes or body.
    3. The first step of each run-through of the Macujo method is to get yourself in front of a large sink or bath with plenty of hot water. Put on the rubber gloves
    4. Wet your hair thoroughly, then massage a good palm full of vinegar into your hair and scalp. Really work it in. It may start to sting after a few minutes.
    5. Once you’ve worked the vinegar in, the next step is to then work in a palm-sized amount of Clean & clear Pink shampoo. Again, really work it in and focus on the roots of the hair and scalp.
    6. Don’t wash the shampoo will vinegar out. Instead, wrap your head tightly in clingfilm. This ensures that every strand of hair comes into contact with the mixture for a prolonged time. It will sting, but it’s important you tolerate it for as long as you can.
    7. Wait 30 minutes (or as close to it as possible if it stings too much) and then wash everything out with plenty of warm water.
    8. The next step is to use Aloe Toxin Rid shampoo. Use a small palm-sized amount and really work it into the hair and scalp as before. Leave it on for five minutes and then rinse thoroughly with clean water.
    9. Repeat the Aloe Toxin Rid step again. Having opened up the cuticle layer, the Aloe Toxin Rid used twice really gets to work at drawing the toxins out from under the cuticle layer.
    10. This is the step that will definitely need the goggles, as you don’t want to get detergent into your eyes. You are going to apply a small palm-sized amount of liquid detergent to the hair and work it in thoroughly. You will keep doing this until your hair is really squeaky when you rub your fingers through it. Then, wash it out completely with lots of water.
    11. This is the last step, which you only do once after the last time you run through the Macujo method. This will obviously be the time just before your drug test. If you do the last Macujo method run through the night before your test, do this step about one hour before you leave on the day of your test.
    You’re going to use ZyHeading 2dot Ultra clean to clean your hair thoroughly. Wash out plenty of warm water. Then, to avoid contaminants, make sure you use a fresh comb or brush, put on clean clothes, and leave to do your drug test immediately to really minimize the risk of stray toxins attaching to the hair.
    Success Stories Of Passing Hair Follicle Drug Tests
    If you do it right, you can have success with this method, and any full Macujo Method review should tell you about successes and failures.
    Failure will come if you don’t run it through enough times before your test. If you only have three days before your test, do it twice per day. That’s six times, and pretty close to 7.
    I wouldn’t advise you do this more than twice per day, because it could start to cause damage. Just focus on trying to get the time to run through it seven times in advance.
    You’ll find plenty of success stories online, but in terms of success stories for passing a hair follicle drug test, I can assure you of my own.
    It was two years ago, and it was for an internal promotion to management. Excuse the pun, but they wanted to weed out drug problems, so we knew in advance that applicants would be hair-drug tested.
    I ran through the Macujo method seven times, once per day in the lead up my drug test. I also stopped smoking weed, cleaned my place up, washed all my clothes, bought a new hairbrush, and kept away from my friends during that time as well to avoid contamination.
    It worked like a charm, and I passed my drug test with ease. It’s definitely the best way to remove metabolites from hair.
    Where To Buy Aloe Toxin Rid & Zydot Ultra Klean
    Old-style Aloe Toxin Rid has discontinued years ago. It’s made by Testclear, a highly reputable drug test avoidance product company, who recreated the original formula though. Because it’s a specialist, it’s not cheap. A single bottle will cost you $235 . But, it’s the only way to pass a hair follicle drug test.
    You can also get Zydot Ultra clean from them as well. That costs just $35. So it is quite a large financial outlay, but you really do have no other choice if you want to pass a hair drug test.
    Hair Follicle Drug Test FAQ
    How is a hair follicle drug test performed?
    The person conducting the test will take around 100 strands of hair from your head. These samples will be taken from different areas of the head. This is both to ensure you don’t get a bald patch, and you get an even overall sample taken. Then, the sample is sealed to avoid contamination, and is sent for testing.
    It will then undergo an ELISA analysis. If any issues are highlighted, or drug metabolite signals are found, then it will go for a full gas chromatography – mass spectrometry analysis to rule out any problems with false positives, and give a full and detailed breakdown of the sample.
    Can you clean your hair for follicle test?
    It is perfectly possible to clean your hair to pass a hair follicle test. It’s called the Macujo method, and it involves several steps to open up the hard cuticle layer on the top of each hair shaft, flush out drug toxins and then close them up again.
    How accurate is a hair follicle drug test?
    Hair follicle drug tests are highly accurate. If you have taken any substance in the past 90 days, it will 100% be picked up by a hair follicle drug test. There is absolutely no way to avoid getting caught unless you follow the Macujo method to flush out the drug toxins before the test.
    What shows up in a hair follicle drug test?
    The substances detected will vary slightly depending on the provider. LabCorp standard drug testing looks for amphetamines/methamphetamines, marijuana, cocaine, opiates, PCP. Therefore, it is basically the same as a standard urine five panel drug test. But it’s important to note that additional panels can be added, in the same way as they can for urine testing, all the way up to the usual 12 panels/substances (although the maximum is usually 14 panels and alcohol detection).
    How far back does a hair follicle drug test check?
    A sample of around 100 strands of hair will be collected from your head. If they can’t collect a sample from your head, they will collect a sample of body hair, which grows slower and records the same history. Your drug taking history will be trapped in the entirety of the hair. But legally only the most recent 90 days of hair growth can be checked. For the hair on the head, this equates to about 1.5 inches. So it doesn’t matter how long the sample is, or how many drugs you have taken more than 90 days ago, it’s the last 90 days which matter.
    How much does a hair follicle drug test cost?
    In the USA, the basic five panel hair drug test costs around $125. The price then goes up proportionately with panels added, with the 12 panel test currently costing around $375. There is a 14 panel test which is rarely used, and that can cost as much as $450, especially if alcohol testing is also included.
    Where to buy an at home hair follicle drug test?
    You need to buy a hair drug test that has a good level of cut-off, meaning a sensitive test that will detect at similar levels to professional drug testing. A hair test has to be sent off to be analyzed, so the price is higher than a urine test which can be conducted by you. From Test Clear, a reputable drug test avoidance product company, the basic hair follicle postal test costs $60.

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