In order to provide financing for the purchase of work vehicles (such as motorcycles or cars for pick-up and ride platforms), Ugandan fintech company Asaak will start operations in Mexico.
Asaak, the Ugandan fintech that recently raised over $30 million, has acquired the Mexican portion of FlexClub, a startup originally from South Africa.
In 2021, FlexClub secured a $5 million investment specifically to develop its business model in Mexico: a marketplace for contracting car “subscriptions,” in which its customers receive a rental car for a monthly payment, which can be purchased later at a discount (largely designed for drivers for Uber and other ride-sharing platforms).
Through this agreement, Asaak will introduce its innovative add-on credit solutions in Mexico, allowing workers to have more seamless access to affordable credit for their economic development.
The partnership between Asaak and FlexClub Mexico aims to stimulate prosperity in Latin America. Over the past three years, thanks to its affiliation with platforms such as Uber, FlexClub México has received thousands of requests for vehicles from mobility workers.
With information from a white paper
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