Asaak, a Ugandan fintech that provides asset financing primarily to mobility workers, acquired FlexClub Mexico, a car subscription service startup. No deal figures were disclosed.
The acquisition marks Asaak’s entry into the Latin American market in a deal that aims to combine the expertise of both companies and develop new financial solutions for the Latin American market.
“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,” said Kaivan Khalid Sattar, CEO and Founder of Asaak.
FlexClub is a marketplace where users invest in cars rented to gig workers, like Uber drivers, who then pay a weekly fee to the investor. The company began its operations in South Africa and will continue to focus on said market.
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