The deal comes after Autochek bought Cheki Kenya and Cheki Uganda from Ringier One Africa Media. Prior to the September 2021 transaction, Autochek had bought Cheki’s subsidiaries in Ghana and Nigeria, and partnered with the CFAO Group to launch the network in Ivory Coast. After KIFAL Auto’s acquisition, Autochek is now present in six countries across East, West and North Africa.
KIFAL, which was founded in 2019 by Nizar Abdalaoui Maane, is among the leading auto marketplaces in Morocco, one of the largest markets for used and new cars in Africa. Following the latest deal, Maane and the KIFAL auto team join Autochek to lead the company’s expansion efforts in North Africa.
Autochek has indicated that it has 1,500 dealers as partners across its markets and has partnerships with more than 70 financing partners including Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank.
Autochek said loans are approved in about 48 hours. The company earns by charging a fee to dealers listing on its platforms, in addition to a loan facilitation commission from banks.
The company which raised $13.1 million in October last year during a seed round, is backed by a number of investors including pan-African VC firms TLcom Capital, 4DX Ventures, Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital and Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho and CFAO Group.