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GoCab Secures $45m to Expand Ethical Mobility Financing
Mobility fintech startup GoCab has raised $45 million in a major financing round to scale electric mobility and deepen financial inclusion across Africa and other emerging markets. The funding comprises $15 million in equity and $30 million in debt, positioning the company to rapidly expand its drive-to-own mobility platform.
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The equity round was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital. In parallel, GoCab secured over $30 million in debt commitments from Cur8 Capital and other partners, as part of a broader $60 million Shariah-compliant debt facility currently under structuring.
Driving Ownership for Africa’s Gig Economy
GoCab operates a drive-to-own mobility fintech model, providing ethical credit to gig-economy workers to acquire income-generating assets such as cars, motorcycles, and delivery bikes. Through a single proprietary digital platform, the company offers vehicle financing, motorbike loans for delivery couriers, mobile phone buy-now-pay-later (BNPL), and other value-added services.
By enabling drivers and couriers to progressively own their vehicles, GoCab helps unlock stable income, asset ownership, and long-term economic empowerment for workers traditionally excluded from formal finance.
Rapid Growth and Ambitious Revenue Targets
After just 18 months of operations, GoCab now generates more than $17 million in annual recurring revenue (ARR) across five African markets. The company is on track to reach $50 million in ARR by the end of 2026 and $100 million in 2027.
Looking ahead, GoCab plans to scale its fleet to 10,000 active vehicles within 24 months, while expanding into new high-growth cities across and beyond Africa.
Scaling Electric Mobility and AI-Driven Finance
The new funding will enable GoCab to:
- Expand operations in core African markets
- Enter new high-growth urban centres
- Significantly increase the share of electric vehicles (EVs) in its fleet
- Deploy AI-driven solutions for credit scoring, fleet optimisation, and risk management
Electric mobility is a central pillar of GoCab’s strategy, helping reduce carbon emissions, lower operating costs for drivers, and support cleaner, more resilient urban transport systems.
Founders: Turning Capital Into Social Mobility
Founded in 2024 by Azamat Sultan and Hendrick Ketchemen, both veterans of investment banking and structured finance, GoCab was created to address limited access to ethical financing and vehicle ownership across Africa’s gig economy.
“For us, GoCab is about restoring dignity and opportunity through ownership. Millions of people are locked out of both mobility and finance. This round allows us to scale responsibly, expand access to fair financing, and accelerate the transition to electric mobility,” said Azamat Sultan, Co-Founder and Executive Chairman.
Today, GoCab employs over 120 people across five countries, representing 18 nationalities.
Hendrick Ketchemen, Co-Founder, added: “We believe capital can and must be a powerful force for transformation across Africa and emerging markets. Transforming lives and improving household resilience is at the core of our mission.”
Investors Back GoCab’s Climate-Smart Vision
Investors highlighted GoCab’s positioning at the intersection of financial inclusion, climate-smart mobility, and the future of work.
Vladimir Dugin, Managing Partner at E3 Capital, said GoCab addresses Africa’s vehicle shortages and high transport costs through a data-driven platform that improves efficiency while lowering emissions.
Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, described the company as a clear example of how ethical financing can translate into thousands of decent jobs, household resilience, and sustainable growth at scale.
Powering the Future of Work in Africa
Africa is home to a rapidly growing gig workforce, yet millions remain excluded from traditional financial systems. With over 400 million gig workers globally, many based in Africa, GoCab is positioning itself as a critical platform at the intersection of mobility, technology, and inclusive finance.
By combining structured ownership pathways with electric mobility, GoCab aims to create predictable income opportunities, support climate goals, and help African cities build cleaner and more inclusive transport ecosystems.
