Nigerian Mobility Fintech Firm Shekel Mobility Raises $7M To ‘Rework’ The $30B African Automotive Market

Nigerian Mobility Fintech Firm Shekel Mobility Raises $7M To ‘Rework’ The $30B African Automotive Market

A Lagos, Nigeria-based B2B market is additional supporting auto sellers in Africa with reasonably priced financing.

Shekel Mobility, co-founded by Sanmi Olukanmi and Benjamen Oladokun, helps auto sellers discover, finance, and commerce used automobiles within the $30 billion African automotive market, in accordance with a press launch shared with AFROTECH.

What’s extra, throughout the African continent, there may be an estimated common demand for two.4 million motor automobiles and 300,000 business automobiles yearly. To work towards filling this void, enterprise capital companies have joined forces with Olukanmi and Oladokun.

On Nov. 13, Shekel Mobility, which is backed by Y Combinator, introduced it had raised $7 million, in accordance with the press launch. The funding spherical was co-led by MaC Venture Capital and Ventures Platform. Fellow fairness buyers included Insurgent Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., Phoenix Funding Membership, Heirloom VC, Pioneer Ventures, and extra.

“Shekel Mobility has the potential to rework and ignite the automotive business in Africa,” MaC Enterprise Capital Founder and Managing Accomplice Marlon Nichols shared in a press release. “The motivated govt crew noticed the chance in a number of African markets and created Shekel Mobility to finance and empower the automotive business in addition to uphold small companies who require financing to outlive. The crew is enabling tens of millions of {dollars} to maneuver by means of the Nigerian economic system and concurrently offering locals with reasonably priced cars.”

The new funding is about to go towards the enhancement of Shekel Mobility’s monetary companies, growth into extra markets, and “maintain its spectacular development trajectory.”

Up to now, Shekel Mobility has “powered transactions value over $50M,” the press launch discloses. Moreover, the mobility fintech firm has helped 1,300 auto sellers “to develop their inventories and triple their gross sales” with the assistance of Shekel Credit score, which is alleged to supply entry to as much as $200,000 in on the spot credit score for automobile purchases with no collateral.

As Shekel Mobility continues to achieve new milestones, by 2025, it goals “to construct the most important auto dealership ecosystem powering $10 billion.”

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