GoCab, a mobility fintech startup operating a “drive-to-own” business model for gig workers, has successfully closed a sizeable Seed investment round comprising $15million in equity and $30million in debt.
The round was led by leading African venture capital firms E3 Capital and Janngo VC, with participation from KawiSafi and Cur8 Capital.
Bridging the credit gap for gig workers
Founded in the summer of 2024 by former investment bankers Azamat Sultan and Hendrick Ketchemen, GoCab was established to solve the credit gap facing gig workers in emerging markets.
The company partners with ride-hailing and food-delivery platforms to offer vehicle financing through a drive-to-own model. Its proprietary digital app also provides add-on services, including Buy Now, Pay Later (BNPL) options for mobile phones and motorbike financing for couriers.
Since launching, the London-based firm reports explosive growth, generating over $17million in annual recurring revenue (ARR) within its first 18 months of operations. The team has expanded to over 100 people across five countries.
Scaling Shariah-compliant finance
In addition to the Seed round, GoCab is structuring a $60million Shariah-compliant debt facility, to be syndicated by specialist emerging market private debt funds. The company has already secured over $30million in commitments for this facility from Cur8, Cumberland, and Verdant, and is currently in discussions to allocate the remaining balance.
The fresh capital will be used to scale operations into new markets, with a target of reaching 10,000 cars and $100million ARR within the next 24 months.
Azamat Sultan, GoCab co-founder and Chairman, commented: “For GoCab team it is a fantastic first founding stone towards building a unicorn in the emerging markets private credit space within next 24 months”.
Social impact and ethical principles
GoCab operates on Shariah principles and has embedded social impact into its corporate structure. The company has committed 1 per cent of its net annual profits to a separate waqf fund dedicated to supporting children from underprivileged backgrounds.
Hendrick Ketchemen, co-founder and Board Member, added: “GoCab for me and Azamat is about the real impact of the capital on lives of our customers, working in finance we saw numbers on the screens, now we can see smiles on the faces and this energizes us to work more and more to bring positive change”.
The company’s model draws parallels to Moove, another mobility fintech pioneer in Africa, which recently announced significant fundraising efforts. GoCab aims to differentiate itself through its ethical foundations and rapid expansion across multiple emerging markets.