GoCab raises $45M to expand its drive-to-own model across Africa

London-based mobility fintech GoCab has closed a $45 million funding round to expand its “drive-to-own” model across emerging markets. The round includes $15 million in equity and $30 million in debt, part of a larger $60 million Shariah-compliant debt facility in the works.

The company, which launched in 2024, is on track to hit $50 million in annual recurring revenue (ARR) this year.

GoCab provides gig workers, delivery drivers, and freelancers a path to vehicle ownership through structured plans. Instead of traditional rentals, workers can steadily acquire full ownership while earning a consistent income. The company also offers financing for motorbikes and buy-now-pay-later options for mobile phones, all managed through their unique digital platform.

E3 Capital and JANNGO Capital co-led the equity round, with participation from KawiSafi Ventures and Cur8 Capital. Debt financing from Cur8 Capital and other sources will fund vehicle acquisition and planned expansion.

GoCab bringing ownership within reach

This funding will help GoCab expand its operations in Africa and other regions. The goal is to provide gig workers with resources that help them earn a stable income. The company’s plans include having 10,000 vehicles in use and reaching $100 million in annual recurring revenue by the end of 2028.

GoCab also intends to use more electric vehicles, which will help drivers save money and decrease pollution.

Co-founder Azamat Sultan said the goal is to “restore dignity and opportunity through ownership,” pointing to the millions of Africans who lack access to both mobility and finance. His co-founder, Hendrick Ketchemen, added that GoCab sees capital as a tool to transform daily realities, giving families long-term stability.

Also read: Nigerian startups raised $343 million in 2025 as venture funding declined by 16.3%

Investors emphasize that GoCab is well-placed to benefit from financial inclusion, environmentally friendly transportation, and the expanding gig economy in Africa. Vladimir Dugin of E3 Capital pointed out that the company’s platform addresses the lack of affordable vehicles and high transportation expenses in Africa, while also increasing efficiency.

Fatoumata Bâ of Janngo Capital stated that each vehicle put into service provides a full-time income, leading to the creation of tens of thousands of respectable jobs.

GoCab’s growth impacts urban sustainability by helping cities lower carbon emissions and better handle fuel price changes through its expanding electric vehicle fleet. Additionally, with a global gig workforce of over 400 million, many in Africa, GoCab is creating infrastructure that could enable vehicle ownership and provide financial opportunities for millions.

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