London-based mobility fintech GoCab has raised $45 million in fresh funding to accelerate the expansion of its drive-to-own vehicle ownership model across Africa and other emerging markets. The round comprises $15 million in equity and $30 million in debt, forming part of a broader $60 million Shariah-compliant debt facility currently being structured.
Founded in 2024, GoCab says it is on track to reach $50 million in annual recurring revenue (ARR) this year, underscoring growing demand for alternative mobility and financing solutions among gig workers and freelancers.
Rethinking vehicle access for gig workers
GoCab targets a persistent challenge in many African cities: limited access to affordable vehicles and financing for income-earning workers. Through its drive-to-own model, gig workers, delivery riders, and freelancers can gradually acquire full ownership of vehicles while earning daily income, rather than relying on short-term rentals that offer no long-term value.
Beyond cars, the platform also provides motorbike financing and buy-now-pay-later options for mobile phones, all managed through its proprietary digital infrastructure. The approach blends mobility, credit, and asset ownership into a single system designed for workers excluded from traditional financial services.
Backed by impact-focused investors
The equity round was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital. Debt financing, led by Cur8 Capital alongside other partners, will be used primarily to fund vehicle acquisition and support geographic expansion.
Investors say GoCab sits at the intersection of financial inclusion, clean mobility, and the rapidly growing gig economy across Africa. Vladimir Dugin of E3 Capital noted that the company addresses structural issues such as high transport costs and lack of vehicle access, while improving efficiency for workers who depend on mobility to earn.
Janngo Capital’s Fatoumata Bâ highlighted the job-creation impact, noting that each vehicle deployed can support a full-time income and contribute to the creation of thousands of sustainable jobs.
Scaling ownership and sustainability
With the new capital, GoCab plans to expand operations across multiple African markets, targeting 10,000 vehicles on the road and $100 million in ARR by 2028. A growing portion of its fleet will include electric vehicles, which the company says will help drivers reduce operating costs while supporting lower urban emissions.
Co-founder Azamat Sultan said GoCab’s mission is to “restore dignity and opportunity through ownership,” particularly for workers who lack access to both mobility and formal finance. His fellow co-founder, Hendrick Ketchemen, added that the company views capital as a tool for long-term stability, enabling families to move beyond daily survival toward asset-based security.
As Africa’s gig workforce continues to expand and cities grapple with rising transport costs and sustainability pressures, GoCab is positioning itself as infrastructure for inclusive mobility—turning daily work into a pathway to ownership rather than perpetual rent.
