Nigeria’s Autochek, the automotive technology company facilitating auto financing across Africa, has acquired Cheki Kenya and Uganda from Ringier One Africa Media (ROAM).
The move comes just one year after Autochek successfully acquired Cheki Nigeria and Ghana as part of its launch in West Africa.
Building on Cheki’s 10 years of experience, Autochek is set to introduce additional technology solutions that will integrate the auto ecosystem as well as increase market adoption for auto loan financing. As part of the agreement, ROAM Africa will transfer ownership and operational control to Autochek.
Founded in 2010, Cheki Kenya has built a network of hundreds of dealers, more than 12,000 vehicles listed monthly and 700,000 monthly unique users on its platform with 80% plus year-on-year growth in the last two years.
Cheki launched as an online car classified for dealers, importers, and private sellers in Kenya. The startup, headquartered in Nairobi, expanded operations to Nigeria, Ghana, Tanzania, Uganda, Zambia, and Zimbabwe.
With credit penetration in Kenya at 27.5%, significantly higher than the West African market which stands at 5%, East Africa’s growing market is positioned as a key auto financing hub and Autochek is now strategically positioned to scale as it becomes a pan-African player.
Launched in 2020, and backed by notable investors such as TLcom Capital and 4DX Ventures, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. With a presence in Nigeria and Ghana, the company’s 360-degree automotive solution also provides a strong network of after-sales services that preserves and eases vehicle ownership experience across Africa.
The company closed a $3.4 million pre-seed round co-led by TLcom Capital and 4DX ventures last year.