Autochek Africa, the automotive technology company, facilitating auto financing across Africa, says it has secured $13.1 million in seed funding to scale its technology and accelerate expansion.
This was led by pan-African VC firms TLcom Capital and 4DX Ventures.
It also included the participation of Golden Palm Investments, Enza Capital, Lateral Capital, and new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation / CFAO Group).
The capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa.
Additionally, the company is rapidly expanding its footprint across East Africa following its recent acquisition of Cheki Kenya and Cheki Uganda, East Africa’s leading online auto marketplace.
As part of the investment by Mobility54, Autochek will be leveraging Toyota Tsusho’s vast retail network across 54 African countries to deepen its expansion further.
Etop Ikpe, Founder and CEO of Autochek, said, “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.”
Launched in October 2020 and operational across East and West Africa in 5 countries – Nigeria, Kenya, Ghana, Uganda and Cote d’Ivoire; Autochek combines technology underpinned by data analytics to deepen auto finance penetration across the continent.
Powered by its residual value algorithm, Autochek has built in-house digital solutions such as Collateral Management, Dealer Management Systems and a proprietary CRM system for managing stakeholder operations within the ecosystem such as vehicle financing, inspection, valuation, and inventory management.
Since its pre-seed raise in November 2020, the platform has achieved rapid traction across its business, most notably in the area of auto-financing, where the number of processed loan applications rose from just 10 in November to over 46,000 to date.
