GoCab Secures $45 Million Funding Boost to Scale Drive-to-Own Model Across Africa

GoCab, a London-based mobility fintech company, has secured a massive $45 million funding boost to grow its innovative “drive-to-own” model across Africa and other emerging markets. This funding round includes $15 million in equity and $30 million in debt. It forms part of a larger $60 million Shariah-compliant debt facility that the company is putting together. Launched in 2024, GoCab is already on track to reach $50 million in annual recurring revenue this year, showing strong early success.

The company’s main service helps gig workers, delivery drivers, and freelancers own their own vehicles. Instead of just renting cars or bikes, workers follow structured payment plans to gain full ownership over time. This lets them build steady income while working. GoCab also provides financing for motorbikes and buy-now-pay-later options for mobile phones. Everything is handled through a simple digital platform that makes the process easy and transparent.

E3 Capital and JANNGO Capital led the equity part of the funding, with support from KawiSafi Ventures and Cur8 Capital. The debt funding, mainly from Cur8 Capital and other partners, will buy more vehicles and support expansion into new areas.

This fresh capital will allow GoCab to scale up quickly in Africa and beyond. The company aims to have 10,000 vehicles on the road and hit $100 million in annual recurring revenue by the end of 2028. A big focus will be on electric vehicles, which help drivers cut fuel costs and reduce pollution in busy cities.

Co-founder Azamat Sultan explained the mission clearly: “Our goal is to restore dignity and opportunity through ownership.” He highlighted how millions of Africans lack access to reliable transport and finance, trapping them in poverty cycles. His co-founder, Hendrick Ketchemen, added that capital should transform everyday lives, offering families real long-term stability.

Investors see huge potential in GoCab’s approach. Vladimir Dugin from E3 Capital noted that Africa’s gig workers face high transport costs and few affordable vehicle options. GoCab’s platform solves this by making ownership possible, boosting efficiency for drivers and businesses alike. Fatoumata Bâ from Janngo Capital praised how each vehicle creates a full-time income, potentially generating tens of thousands of decent jobs across the continent.

GoCab’s growth also supports greener cities. By expanding its electric vehicle fleet, the company helps lower carbon emissions and shields drivers from rising fuel prices. This is vital in urban areas where traffic and pollution are major issues. With a global gig workforce topping 400 million, many in Africa, GoCab is building key infrastructure. It opens doors to vehicle ownership and financial freedom for millions who drive for a living.

In Nigeria and other African markets, where ride-hailing and delivery services boom, GoCab fills a critical gap. Traditional loans are often out of reach for gig workers due to strict rules or high interest. GoCab’s drive-to-own model changes that, blending mobility with smart financing. Drivers keep more earnings as they pay down their vehicles, leading to better savings and family support.

The Shariah-compliant debt option is a smart move too, appealing to Muslim-majority areas and ensuring ethical funding. As fintech grows in Africa, companies like GoCab show how tech can drive inclusion. They turn informal gig jobs into pathways for wealth-building.

This funding round marks a turning point. GoCab is not just providing rides, it’s handing out keys to a brighter future. By 2028, with thousands more vehicles and greener fleets, the company could reshape urban transport and livelihoods across the continent.

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