This archive report was first published on 26 October 2021.
On October 26, 2021, Nigerian automotive technology company Autochek secured $13.1 million in seed funding, marking a significant milestone for the company.
The funding round was co-led by follow-on investors TLcom Capital and 4DX Ventures, with participation from existing investors Golden Palm Investments, Enza Capital, and Lateral Capital, as well as new participants ASK Capital and Mobility 54 Investment SAS.
Autochek's Expansion Plans ¶
Autochek plans to deploy the new capital to bolster its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d'Ivoire.
The company is also 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, Autochek has achieved rapid traction across its business, with a significant increase in the number of processed loan applications, from just 10 in November to over 46,000 to date.
Autochek has also partnered with 70 banks across the continent, including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank.
Using its algorithms, Autochek is able to develop a credit profile on behalf of customers and effectively reduce a loan application process from 40-45 days to 48 hours.
