Car e-commerce company Autochek has expanded into three new African countries after acquiring CoinAfrique, the classifieds market, nearly two months after the Nigerian startup acquired Moroccan car market KIFAL Auto, marking its entry into North Africa.
Autochek He said he will settle down CoinAfrique’s Francophone Africa regional customer base to accelerate auto finance services. The classifieds market is said to attract 60,000 new ads and 1.5 million visits every month, with the automotive category accounting for 50% of the business transactions that occur on the site.
Autochek is also heading into the growing auto market in Africa, which is expected to be worth $42 billion in the next five years – registering a compound annual growth rate of 5.5% During the period 2022-2027.
CoinAfrique, whose team will join Autochek and help them run operations in the region, was founded in 2016 by Matthias Papet and Eric Genetre.
“We see many opportunities to unlock value for users across all categories on our platform and expand into new countries, and we look forward to leveraging Autochek Loans’ market-leading product and expertise to deliver even more transformative experiences for our users,” Babbitt said. in the current situation.
Already, Autochek launched operations in Benin, Togo and Senegal after the acquisition, with more markets activated as the auto market expands. CoinAfrique’s advertising market is active in 12 Francophone markets. Autochek was previously located in Nigeria, Ghana, Kenya, Ivory Coast, Uganda and Morocco.
In its current markets, Autochek said it has more than 1,500 merchant partners as partners, and works closely with more than 70 banks including BNP Paribas, Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank to provide financing to its customers.
Vehicles listed on the site go through various stages of inspection and are rated according to their condition and performance, factors that are also used to determine if they qualify for financing.
Autochek co-founder and CEO Etop Ikpe, in a previous interview, said: “Evaluations and some math checks on the Autochek system help give an idea of the condition and condition of the car, and determine if it is in a condition that should be financed…because they (the banks) don’t want a financed situation. In it a car and the next day the engine knocks.”
Autochek said its loans were approved in about 48 hours. The company earns by charging the merchants listed on its platforms, as well as the loan facility commission from the banks.
The company, which in October last year raised $13.1 million in an initial round, is backed by a number of investors including African venture capital firms TLcom Capital, 4DX Ventures, Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital and Mobility. 54 Investment SAS, the venture capital arm of Toyota Tsusho and CFAO Group.