Autochek enters the North African market with the acquisition of Morocco’s KIFAL Auto

Autochek has entered into the North African auto market with the acquisition of Morocco’s KIFAL Auto for an undisclosed fee. This comes within a year of entering the East African market with the acquisition of Cheki Kenya and Cheki Uganda from Ringier One Africa Media.

Launched in 2020, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent. It recently raised $13.1 million in seed funding round led by TLcom Capital and 4DX Ventures

Before this acquisition, Autochek was only present in Nigeria, Ghana, Cote d’Ivoire, Kenya and Uganda.

According to Autochek co-founder and CEO, Etop Ikpe, “From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually-beneficial relationship for years to come.”

“I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game changing innovation in Morocco and beyond. In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board,” said Nizar Abdalaoui Maane, KIFAL Auto CEO and founder.

Nizar Abdalaoui Maane founded KIFAL Auto in 2019 and it is one of the leading auto marketplaces in Morocco.