Automotive technology firm, Autochek has received Sh1.46 billion ($13.1million) seed funding to boost its technology and accelerate expansion.
The firm said the financing will be pumped into its core auto loan processing platform and expansion of East and West Africa units.
Autocheck facilitates auto financing across Africa.
“At Autochek, our driving force is to increase financing penetration on the continent; we have been amazed by the market adoption rate and the support from our banking partners in the countries we operate in,” said Autochek founder and chief executive officer Etop Ikpe.
“With this funding and the support of our strategic investors, the entire team at Autochek are dedicated to delivering exceptional service for customers and partners, as well as deploying our technology across Africa.”
The investments were led by TLcom Capital and 4DX Ventures as well as Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho Corporation/CFAO Group.
As part of the investment by Mobility54, Autochek will be riding on Toyota Tsusho’s vast retail network across 54 African countries to further deepen its expansion.
Launched in October 2020 and operational across East and West Africa in five countries – Nigeria, Kenya, Ghana, Uganda and Cote d’Ivoire- Autochek combines technology with data analytics to deepen auto finance penetration across the continent.
The new investment comes barely three months after it acquired Cheki Kenya and Cheki Uganda, East Africa’s leading online auto marketplace.
Autochek has now partnered with 70 banks across the continent including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
“Autochek has achieved significant traction in one of Africa’s key verticals and is making impressive progress in bringing transparency and efficiency in this complex and fragmented industry,
“We look forward to the next chapter of Autochek’s growth as it continues to unlock the major upside which has remained dormant in Africa’s automotive sector for decades,” TLcom Partner Andreata Muforo said.