The acquisition will allow Asaak to expand its operations into Latin America and offer its innovative financial solutions to a wider range of customers.

Founded in 2017, Asaak has been providing motorcycle and smartphone loans to Ugandans.

The company is on a mission to unlock the economic potential of marginalized small and medium business owners.

By bringing together a team of individuals with a wide range of backgrounds and a passion for fintech, Asaak is equipping business owners and journeying with them to their bigger dreams.

FlexClub, meanwhile, provides a software platform that allows car rental companies to offer vehicle “subscriptions” to drivers.

The acquisition of FlexClub will allow Asaak to offer a wider range of financial products and services to its customers in Latin America.

The company will also be able to leverage FlexClub’s technology and expertise to expand its operations into other countries in the region.

“The vehicle is the entry point into our credit ecosystem, from which drivers can eventually access additional credit for fuel, repairs, smartphones or other needs they may have. We’ve proven this can be done profitably at scale for our clients , both online and in person,” said Kaivan Khalid Sattar, CEO and founder of Asaak.