GoCab Lands $45M Fueling African Electric Mobility

🚕 Go, GoCab!

• Fintech-mobility hybrid GoCab provides EV financing and digital banking for gig drivers

• It has just closed a massive $45M Series B funding round, includes $15 million in equity and $30 million in debt.

• Investor check. Janngo Capital and E3 Capital led the investment, with participation from Cur8 Capital and KawiSafi Ventures.

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🔋 The Gig Economy Gap

• Most banks won't give loans to gig workers because they don't have traditional credit scores or steady paper trails. This leaves drivers stuck paying predatory daily rental rates just to work.

• GoCab is solving this by using real-time driving data to create alternative credit scores. This lets them approve instant vehicle loans for drivers who need them most.

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🛵 Green Growth

• It’s not just a software play. GoCab is vertically integrated, meaning they combine their fintech app with actual green energy hardware.

• They’ve already deployed over 5,000 electric motorcycles and vehicles in several cities; and achieving $17M in ARR.

• By switching to EVs, drivers save on fuel costs while the company builds a proprietary network of charging stations.

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🇳🇬 What’s Next?

• The $45M will be used to significantly expand their green fleet and charging infrastructure, along with mobility finance.

• Targeting the big markets. The team is preparing for to expand its operations and fleet across Africa and beyond, targeting 10,000 active vehicles and $100 million in annual recurring revenue within the next two years.