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Nigerian auto tech company, Autochek, acquires Morocco’s online car market Kifal

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In a bid to strengthen its market footprint in North Africa, Nigerian auto tech company, Autochek, a leading online market for second-hand vehicles, has announced the acquisition of Moroccan startup Kifal, an online market for used vehicles,

The acquisition, the first of it’s kind in the auto sector, has set a precedent as Autochek is the first startup from West Africa to enter the North African market.

CEO and co-founder of Autochek, Etop Ikpe, who spoke of the company’s delight in wrapping up the deal, said:

“From my first interaction with Nizar and his team at Kifal Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation.

“They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa.”

In response, Nizar Abdallaoui Maane, the CEO and founder of Kifal explained that Autochek’s success story in the few years it has been in business was what propelled the partnership.

“There is so much we can learn from each other and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond.

“Morocco is a gateway into North Africa and I am confident that with this new alliance, Kifal and Autocheck will unlock new value and drive further transformation across the board.”

Founded in 2019, Kifal is one of Morocco’s most viable auto tech companies which offers car-related services including access to financing and insurance among other services.

Kifal also offers its services to individuals and organizations in Morocco looking to buy and sell used cars.

Morocco’s automotive sector is projected to grow to $14 billion in the next five years’ time, which means the new acquisition will provide Autochek with access to one of Africa’s most developed automotive markets.

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Kenyan music streaming platform, Mdundo, reports 290% user growth since 2020 IPO

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Foremost Kenyan music streaming platform, Mdundo, says it has recorded a whopping 290 percent user growth which has taken it to a 20 million mark since going public in 2020.

Mdundo which was launched in 2023, provides access to the continent’s hottest music to users in 15 countries in Sub-Saharan Africa, with millions monthly downloads and streams via its website and app.

According to Disrupt Africa, the company got listed on the Nasdaq First North Growth Market Denmark in 2020 following an over-subscribed pre-sale period that raised $6.4 million at the time in a bid to solidify its leading position in the pan-African music market.

Since then, it has grown the number of monthly active users by 290 percent from five million to almost 20 million, with revenue growing by approximately 340 percent over the same period.

Mdundo CEO Martin Nielsen, in a statement on Thursday, said the platform is also planning to focus more deeply on the five biggest music markets in Sub-Saharan Africa which include Nigeria, South Africa, Kenya, Tanzania and Ghana.

“Our growth strategy in the last two years has paid off with strong user growth and consistent revenue growth across our core markets. Looking forward towards 2025, we will continue focusing on aggressive growth in users and revenue but with an increased focus on driving value per user and we expect a positive EBITDA by 2025,” Nielsen said.

“Our focus will remain on user and revenue growth and we expect to grow our revenues by approximately 100 per cent from this year to the year ending June 2023,” he added.

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Nigerian fintech, Moove, secures $20 million credit from British International Investment

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Nigerian mobility fintech startup, Moove has made significant moves with its capital as it has secured a $20 million four-year structured credit.

The tech company received the credit from the British International Investment (BII), the UK government’s development finance institution.

The investment was announced at a business reception in Lagos co-hosted by the British high commissioner in Nigeria.

“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria.”  Catriona Laing said.

BII’s Chief Executive Officer, Nick O’Donohoe, while speaking on the rationale behind the move said “in Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry.”

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers.” O’Donohoe concluded.

Moove, according to information on its official website, was founded in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing. It was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa.

Moove raised $23 million in 2021 to scale rapidly across the continent.

The tech company is raising its revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to a vehicle or vehicle financing.

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