The rise of ride-hailing and delivery services in Africa has created millions of gig jobs, but many drivers still face high rental fees and limited options to own vehicles. GoCab helps by offering drive-to-own plans for cars, bikes, and electric vehicles, along with Shariah-compliant loans, phone financing, and other services through its app.
Today, GoCab completed a $45 million funding round, with $15 million in equity from E3 Capital, JANNGO Capital, KawiSafi Ventures, and Cur8 Capital, and $30 million in debt from Cur8 and others as part of a $60 million facility.
Since launching in 2024, GoCab has generated $17 million in recurring revenue across five countries and aims to reach $50 million by the end of the year.
Helping drivers build assets and earn steady incomes
Executive Chair Azamat Sultan and Hendrick Ketchemen, both with investment banking experience and backgrounds in complex markets, founded GoCab in 2024 to support gig workers.
In simple terms, GoCab AI enables streamlined vehicle distribution through credit decisions, fleet management, and risk monitoring, with integrated phone financing and additional services.
Its technology supports faith-based ownership models, full-stack control from loan approval to vehicle delivery, a significant shift toward EVs to reduce costs and emissions, and avoids predatory lending. The system efficiently manages thousands of clients without reliance on traditional banks.
Unlike M-KOPA and MTN MoMo, GoCab provides a complete vehicle financing solution.
What’s ahead?
The company plans to grow its EV fleet, enhance AI-powered lending, and expand into new markets. Currently, GoCab’s team includes 120 people from 18 countries.
