Firm secures $13.1m for auto financing
Automotive technology company, Autochek, has secured $13.1 million in seed funding to facilitate auto financing across Africa and boost its technology.
With the new funding secured just under a year after its $3.4mn pre-seed project, the round was preempted by Autochek’s lead investors – TLcom Capital and 4DX Ventures.
As part of the company’s growth strategy, the capital would be deployed to boost its core auto loan-processing platform and deepen its footprints in West Africa, starting with its recent entry into Cote d’Ivoire.
Founder and Chief Executive Officer, Autochek, Etop Ikpe, yesterday explained in Lagos that the funding was secured in collaboration with by TLcom Capital, 4DX Ventures and other new and existing global investors.
Ikpe said the firm’s driving force was to increase financing penetration on the continent.
His words: “We have been amazed by the market adoption rate and the support from our banking partners in the countries we operate.
“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.
“We stepped into this space knowing we are tackling one of the most significant challenges for Africa’s automotive sector.
“The lack of a simplified, digital-first financing process. By combining our expertise and networks, we have been able to make an impact in the automotive sector.
“We are delighted with the progress we’ve made in a short amount of time.
“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.”
Partner at TLcom, Andreata Muforo, said the company has achieved significant traction in one of Africa’s key verticals and was making impressive progress in bringing transparency and efficiency in the complex and fragmented industry.
Managing Partner at 4DX Ventures, Walter Baddoo, said Autochek is revolutionising the auto industry in Africa by offering the convenience and selection advantage of an auto e-commerce platform together with the added flexibility of financing.