This archive report was first published on 26 October 2021.
Autochek Secures $13.1 Million Seed Funding Led by TLcom Capital and 4DX Ventures ¶
Published on October 26, 2021
Autochek, an automotive technology company, has secured $13.1 million in seed funding led by TLcom Capital and 4DX Ventures. The funding will be used to bolster its core auto loan processing platform and deepen its footprint in West Africa.
Launched in October 2020, Autochek combines technology and data analytics to deepen auto finance penetration across the continent. The company has achieved rapid traction across its business, with the number of processed loan applications rising from 10 in November 2020 to over 46,000 to date.
Autochek has partnered with 70 banks across the continent, including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank. The startup has also achieved several key milestones since the start of the year, including over 1,000 dealers on the Autochek network actively using the loan processing solution, and over 15,000 certified and financeable vehicles on the Autochek marketplace across its markets.
Speaking on the next phase of Autochek's rapid growth, Etop Ikpe, Founder and CEO of Autochek, said,
