The automotive technology company facilitating auto financing across Africa, Autochek has expanded to Francophone Africa after acquiring CoinAfrique, a classified ad marketplace.
Autochek is looking to tap CoinAfrique’s regional customer base in Francophone Africa to accelerate its car financing services. The classified ad marketplace is said to attract 60,000 new ads and 1.5 million visits every month, with the car category accounting for 50% of the business transactions happening on the site.
Following the acquisition, CoinAfrique’s team will join Autochek and help them run operations in the region.
The company has already rolled out its operations in Ivory Coast and Senegal following the acquisition, with more markets set to be activated, including Benin and Togo.
Autochek was previously present in Nigeria, Ghana, Kenya, Ivory Coast, Uganda and Morocco.
Launched in 2020, and backed by investors such as TLcom Capital and 4DX Ventures, the company 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 says it has 1,500 dealers as partners across its markets, and has partnerships with more than 70 financing partners including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.