---
title: GoCab Raises $45 Million to Scale Drive-to-Own Model Across Africa
description: GoCab closed a $45 million round combining equity and debt to scale its drive-to-own financing model for gig workers. The company generates $17 million in annual recurring revenue after 18 months of operations and targets $100 million within two years.
author: Darie Nani (Editor-in-Chief)
date: 2026-02-03T06:45:00.000Z
updated: 2026-02-26T17:55:09.047Z
canonical: https://www.sovereignmagazine.com/article/gocab-raises-45-million-to-scale-drive-to-own-model-across-africa
image: https://cdn.nanimediahouse.com/GoCab-cofounder-Azamat-Sultan.jpeg
categories: FinTech
content_type: Feature
region: London
publication: Sovereign Magazine
about:
  - type: Organization
    name: GoCab
    description: GoCab is a London-based mobility fintech founded in 2024 by Azamat Sultan and Hendrick Ketchemen. The company provides Shariah-compliant financing solutions for gig economy workers across five African markets, enabling drivers and delivery couriers to access vehicles through drive-to-own programmes. GoCab operates with a focus on electric vehicle deployment, supporting climate-smart mobility whilst addressing financial inclusion gaps in African transport sectors. The company employs over 120 people and generates more than $17 million in annual recurring revenue. More info at www.gocab.io
    url: https://www.gocab.io/
    sameAs:
      - https://www.linkedin.com/company/african-car-fleet/
---

[GoCab ](#about-gocab)closed a $45 million financing round comprising $15 million in equity and $30 million in debt. The London-based mobility fintech was founded in 2024 by Azamat Sultan and Hendrick Ketchemen, both from investment banking backgrounds with expertise in structured finance. The company now employs over 120 people across five countries and generates more than $17 million in annual recurring revenue after 18 months of operations.

E3 Capital and JANNGO Capital co-led the equity round, with participation from KawiSafi Ventures and Cur8 Capital. The debt component represents the first tranche of a broader $60 million Shariah-compliant debt facility currently under structuring, with Cur8 Capital leading the debt commitments.

## Financing as Infrastructure for EV Adoption

Research published in [Nature Energy](https://www.nature.com/articles/s41560-025-01955-x) in January 2026 by ETH Zurich and the Paul Scherrer Institute identified financing costs, rather than technology limitations, as the primary obstacle to electric vehicle adoption in Africa. High interest rates on loans make the initial outlay for electric vehicles prohibitive for individual gig workers, even as total cost of ownership becomes competitive with internal combustion engines.

GoCab addresses this by providing structured private credit to workers who lack collateral and formal credit histories. The company offers vehicles through drive-to-own programmes, mobile phone buy-now-pay-later, and motorbike financing for delivery couriers. All financing products operate under Shariah-compliant principles, which prohibit interest-based lending and require asset-backed financing structures.

Traditional banks in African markets require collateral, credit history, and formal documentation that gig-economy workers cannot provide. This exclusion affects millions of delivery riders, ride-hailing drivers, and logistics workers who need vehicles to generate income but cannot access capital to purchase them.

## Five-Country Operations and Growth Trajectory

GoCab operates across five African markets and targets $50 million in annual recurring revenue by the end of 2026. The company plans to reach $100 million within 24 months and expand its fleet to 10,000 active vehicles during this period.

The funding will support expansion into new high-growth cities, increase the share of electric vehicles within the fleet, and deploy AI-driven solutions for credit scoring, fleet optimisation, and risk management. The company uses proprietary technology to assess creditworthiness and manage vehicle ownership transfers as workers complete their payment schedules.

Electric mobility forms a core component of the growth strategy. By expanding the EV fleet, GoCab reduces operating costs for drivers through lower fuel and maintenance expenses whilst supporting emissions reduction in African cities. The Shariah-compliant financing structure enables access to Islamic finance capital markets, which manage approximately $3.18 trillion globally as of 2024 and are projected to grow to between $7 trillion and $9 trillion by 2033.

## Investor Perspectives on Mobility and Financial Inclusion

Vladimir Dugin, Managing Partner at E3 Capital, stated that vehicle shortages and high transportation costs represent two of the most pressing challenges across Africa. The firm views GoCab as addressing both through a data-driven platform that expands access to mobility whilst improving efficiency at scale. The rapidly growing EV fleet lowers costs for riders and drivers whilst reducing emissions.

Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, noted that the $15 million equity round catalysed over $30 million in debt financing. With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab demonstrates how ethical financing translates into job creation, household resilience, and sustainable growth at scale.

Marcus Watson, Partner at KawiSafi Ventures, positioned GoCab as building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes the platform compelling for sustainable growth.

## Mobility Fintech Market Context

Africa is home to a rapidly growing gig workforce, with over 400 million gig workers globally and a significant concentration across the continent. Millions remain excluded from traditional financial systems despite strong demand for income-generating assets.

Competitors including Gigmile in Nigeria and Ghana have demonstrated the viability of lease-to-own models for gig workers. Gigmile raised $21 million in combined debt and equity and has deployed over 10,000 vehicles across 13 cities. The company caps daily repayments at one-third of expected earnings and provides comprehensive support including insurance, maintenance, and regulatory documentation.

GoCab differentiates through its Shariah-compliant financing structure, pan-African operational scope from inception, and integrated focus on electric vehicle deployment. The structured private credit model enables the company to access both conventional and Islamic finance debt markets for fleet expansion.

The drive-to-own model provides gig workers with progressive ownership pathways and predictable income opportunities. Workers finance vehicles through structured payment plans and gain full ownership upon completion, building long-term assets rather than remaining dependent on rental arrangements. Pakistan-based [Buscaro](https://www.sovereignmagazine.com/article/from-living-room-to-lifeline-how-buscaro-built-pakistan-s-answer-to-its-transport-crisis) has pursued a similar model, scaling corporate [transport financing](https://www.sovereignmagazine.com/article/commercial-transportation-boom-as-100m-funding-signals-major-investment-shift) for gig workers across South Asian markets.

## Further Context

**Q: What is Shariah-compliant financing?**
Shariah-compliant financing operates without charging interest, which Islamic law prohibits. Instead of traditional loans with interest payments, these arrangements use asset-backed structures where financiers purchase assets and sell them to customers at an agreed profit, or enter partnership agreements where profits and risks are shared. All financing products must avoid investments in prohibited activities such as alcohol, gambling, or conventional interest-based lending. This approach enables access to Islamic finance capital markets, which manage approximately $3.18 trillion globally and are projected to reach between $7 trillion and $9 trillion by 2033.

**Q: How do drive-to-own vehicle programmes work?**
Drive-to-own programmes allow gig workers to finance vehicles through structured payment plans whilst using them to generate income. The financing company purchases the vehicle and transfers ownership progressively as the worker makes payments. Daily or weekly payment amounts are typically capped at a portion of expected earnings to maintain affordability. Upon completion of all payments, the worker gains full ownership of the vehicle. This model converts what would be rental expenses into asset accumulation, enabling workers to build long-term wealth rather than remaining perpetually dependent on rental arrangements.

**Q: Why is financing the main barrier to electric vehicle adoption in Africa?**
Research from ETH Zurich and the Paul Scherrer Institute published in January 2026 identified financing costs as the primary obstacle to electric vehicle adoption across Africa. High interest rates on loans make the upfront cost of electric vehicles prohibitive for individual buyers, even though total cost of ownership becomes competitive with internal combustion engines over time due to lower fuel and maintenance expenses. Traditional banks require collateral, formal credit histories, and documentation that gig workers cannot provide, effectively excluding millions of potential EV buyers from conventional financing channels. This financing gap persists despite improving EV technology and falling battery costs.

**Q: What makes GoCab different from other mobility fintech companies?**
GoCab combines three elements that competitors typically do not: Shariah-compliant financing structures that enable access to both conventional and Islamic finance debt markets, pan-African operational scope from inception rather than single-country focus, and built-in emphasis on electric vehicle deployment as a core strategic pillar. The company operates across five African markets simultaneously and structures all financing products under Shariah-compliant principles, differentiating it from competitors like Gigmile which operate regionally in West Africa. This positioning enables GoCab to access the global Islamic finance capital markets whilst supporting climate-smart mobility transitions.

**About GoCab**

GoCab is a London-based mobility fintech founded in 2024 by Azamat Sultan and Hendrick Ketchemen. The company provides Shariah-compliant financing solutions for gig economy workers across five African markets, enabling drivers and delivery couriers to access vehicles through drive-to-own programmes. GoCab operates with a focus on electric vehicle deployment, supporting climate-smart mobility whilst addressing financial inclusion gaps in African transport sectors. The company employs over 120 people and generates more than $17 million in annual recurring revenue. More info at www.gocab.io

[Website](https://www.gocab.io/)