Mogo Kenya Grabs $6.2M Driving Entrepreneurial Mobility Success

🇰🇪 Here’s Mogo!

• Mogo is a fintech platform in Kenya that provides asset financing and logbook loans for the mobility sector.

• They’ve just raised $6.2M (800M KES) from local bank facilities.

• Investor check. Local funding from two Kenyan banks, I&M Bank and Ecobank.

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🚕 Breaking the Loop

• Most taxi and boda boda riders in Kenya struggle to get credit from traditional banks.

• This lack of funding makes it hard for the country’s growing 2 million riders to own their vehicles or grow their income.

• Mogo steps in by looking at the actual earning potential of the driver rather than just a credit score.

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📊 The Numbers

• The team has already financed over 100,000 vehicles and served over 50,000 satisfied customers.

• They have a network of 80 branches across Kenya.

• They focus on a high-tech lending model that makes collections more efficient for daily earners. It's about understanding the reality of the local transport business.

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💨 What’s Next?

• The new capital will be used to grow their vehicle logbook loan portfolio.

• A big part of the plan involves pushing for more electric motorcycle adoption, and shifting away from petrol bikes.