Autochek Secures $13.1m To Boost Technology

African Automotive technology company, Autochek, has secured $13.1million in seed funding to boost its technology and deliver efficient services.

Chief Executive Officer, Autochek, Etop Ikpe Founder, in a statement on Tuesday in Lagos said that the funding was secured in collaboration with TLcom Capital, 4DX Ventures and other new and existing global investors.

Ikpe said that the company’s driving force was to increase financing penetration on the continent.

“We have been amazed by the market adoption rate and the support from our banking partners in the countries we operate,"

“Autochek has now partnered with 70 banks across the continent, including leading regional players such as Access Bank, Ecobank, UBA, Bank of Africa and NCBA Bank,"

“We stepped into this space knowing we are tackling one of the most significant challenges for Africa’s automotive sector, the lack of a simplified, digital-first financing process," he said. 

"By combining our expertise and networks, we have been able to make an impact in the automotive sector.

“We are delighted with the progress we’ve made in a short amount of time.

“With this funding and the support of our strategic investors, the entire team at Autochek is dedicated to delivering exceptional service for customers and partners as well as deploying our technology across Africa,” Ikpe said.

Partner at TLcom, Andreata Muforo said that Autochek has achieved significant traction in one of Africa’s key verticals and was making impressive progress in bringing transparency and efficiency in the complex and fragmented industry.

“We look forward to the next chapter of Autochek’s growth as it continues to unlock the major upside which has remained dormant in Africa’s automotive sector for decades,” Muforo said.