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Autochek, a digital automotive commerce company led by Nigerian tech entrepreneur Etop Ikpe, has acquired Morocco’s KIFAL Auto for an undisclosed sum, thus establishing its presence in the North African vehicle market.
Ikpe, the former CEO of Cars45, founded Autochek in 2020 as an automotive technology startup that uses technology backed by analytics to deepen auto finance penetration across the continent.
It has raised more than $16.5 million since its inception nearly two years ago.
The acquisition of KIFAL Auto, which aligns with the startup’s strategic expansion plans, comes nearly seven months after it received $13.1 million in seed funding from TLcom Capital and 4DX Ventures, the same pan-African venture capital firms that led its pre-seed round in 2020.
The integration of KIFAL Auto’s operations into Autochek will see the Nigeria-based startup consolidate its position in the automotive industry as it builds on its existing capacity following the acquisition of Cheki and four of its subsidiaries, including Cheki Nigeria Limited, Cheki Ghana Limited, Cheki Kenya Limited, and Cheki Uganda Limited.
Autochek is building the financial infrastructure to drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers.
KIFAL Auto, founded in 2019 by Nizar Abdalaoui Maane, is one of the leading auto marketplaces in Morocco, one of Africa’s largest markets for used and new cars.
The Moroccan startup, like Autochek, connects car buyers and sellers and, through partnerships, also provides financing and insurance.
With this acquisition, Autochek is strategically positioned to tap into the innovation that underpins Morocco’s thriving automotive ecosystem, having more than 1,500 dealers as partners across its markets, as well as existing partnerships with over 70 financial services firms, including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
The startup now has the opportunity to introduce market-leading solutions to address various challenges across the value chain, as well as further integrate the pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
