London, UK – January 29, 2026 — African mobility fintech GoCab has announced the successful closing of a $45 million financing round, marking one of the most significant investments to date at the intersection of electric mobility, financial inclusion, and the future of work in Africa.
Founded in 2024, GoCab was created to solve a critical structural challenge across the continent: the lack of access to ethical financing and vehicle ownership for gig-economy workers, including ride-hailing drivers and delivery couriers. By combining mobility-as-a-service, proprietary technology, and Shariah-compliant financing, GoCab enables drivers to generate predictable income while progressively owning their vehicles.
Building Inclusive Mobility Through Ownership
Across Africa, millions of drivers depend on informal or exploitative vehicle rental models, limiting income stability and long-term wealth creation. GoCab’s model directly addresses this gap by offering structured asset-financing pathways that allow drivers to transition from renters to owners.
Since launch, GoCab has:
- Deployed thousands of productive vehicles
- Supported full-time income generation for drivers and couriers
- Contributed to cleaner urban transport systems through fleet electrification
Within just 18 months of operations, the company has achieved over $17 million in Annual Recurring Revenue (ARR) across five markets — a rare level of traction for an early-stage African mobility platform.
A $45M Financing Round to Accelerate Scale
GoCab’s $45M raise is composed of:
- $15 million in equity
- $30 million in debt
Equity Investors
The equity round was co-led by:
- E3 Capital
- Janngo Capital
With participation from:
- KawiSafi Ventures
- Cur8 Capital
Debt Facility
In parallel, GoCab has secured more than $30 million in Shariah-compliant debt commitments, as part of a broader $60 million structured private credit facility currently under development. This financing structure is designed to directly fund vehicle deployment at scale while maintaining ethical and sustainable financing principles.
Scaling Electric Vehicles Across African Cities
Electric mobility is a core pillar of GoCab’s long-term strategy. The new funding will allow the company to:
- Increase the share of EVs within its fleet
- Lower operating costs for drivers through reduced fuel and maintenance expenses
- Cut urban carbon emissions in some of Africa’s most congested cities
As battery costs decline and charging infrastructure expands, EVs are becoming increasingly attractive for ride-hailing and last-mile delivery use cases. GoCab is positioning itself as a first mover in large-scale EV fleet deployment tailored specifically to African operating conditions.
AI, Data, and Credit Scoring at the Core
Beyond vehicles, GoCab is investing heavily in technology and data intelligence, including:
- AI-driven credit scoring adapted to informal and semi-formal workers
- Fleet optimisation algorithms to maximise vehicle uptime
- Risk management tools improving asset performance and repayment rates
These systems allow GoCab to responsibly extend financing to populations traditionally excluded from banks, while maintaining strong unit economics and portfolio performance.
Leadership Vision
GoCab was founded by Azamat Sultan and Hendrick Ketchemen, both from investment banking backgrounds with deep expertise in structured finance and emerging markets. Today, the company employs over 120 people across five countries, representing 18 nationalities.
“GoCab is about restoring dignity and opportunity through ownership. Across Africa, millions of people are locked out of both mobility and finance. This funding allows us to scale responsibly while accelerating the transition to electric mobility,”
— Azamat Sultan, Co-Founder & Executive Chairman
“Capital can and must be a powerful force for transformation across Africa. Our mission is to improve the daily reality of thousands of families,”
— Hendrick Ketchemen, Co-Founder
Investor Conviction in Climate-Smart Mobility
Investors highlighted GoCab’s unique positioning at the crossroads of financial inclusion, climate action, and the gig economy.
- E3 Capital emphasized GoCab’s ability to tackle vehicle scarcity and high transport costs through data-driven electric fleets.
- Janngo Capital underlined GoCab’s roadmap toward 10,000 active assets and $100M in recurring revenue, translating into tens of thousands of stable jobs.
- KawiSafi Ventures pointed to GoCab as critical infrastructure for climate-smart mobility in emerging markets.
Why This Matters for Africa’s EV Ecosystem
Africa is home to a rapidly growing gig workforce, while more than 400 million gig workers globally remain underserved by traditional finance. GoCab directly addresses this gap by combining:
- Electric vehicles
- Ethical, Shariah-compliant financing
- Technology-enabled asset ownership
For the broader EV ecosystem — including platforms like EV24 — GoCab’s growth signals strong demand for electric fleets, new financing models, and scalable deployment across African markets.
About GoCab
GoCab is a mobility and financial services platform enabling gig-economy workers in emerging markets to access productive assets through ethical, Shariah-compliant financing. By combining proprietary technology, structured private credit, and platform partnerships, GoCab helps drivers and couriers build ownership, income stability, and long-term economic resilience.
🔗 Learn more: https://www.gocab.io/
