Nigerian automotive technology company Autochek, which facilitates auto financing across Africa, has today secured $13.1 Million in seed funding. The round was co-led by follow-on investors, TLcom Capital and 4DX Ventures, with participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital as well as new participants, ASK Capital and Mobility 54 Investment SAS.
The new funding comes just under a year after Autochek‘s $3.4mn pre-seed raise. The company said the capital will be deployed to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.
Autochek EA
Additionally, the company is rapidly expanding its footprint across East Africa, following its recent acquisition of Cheki Kenya and Cheki Uganda.
Since its pre-seed raise in November 2020, the startup said it has achieved rapid traction across its business, most notably in the area of auto-financing where the number of processed loan applications rose from just 10 in November to over 46,000 to date.
Autochek has also now partnered with 70 banks across the continent including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
Based on its algorithms, Autochek says it is also able to develop a credit profile on behalf of customers and effectively reduce a loan application process from 40-45 days to 48 hours.
