The secured capital comprises $15 million in equity and $30 million in debt, part of a broader Shariah-compliant funding strategy designed to support its expansion and product development.

The equity tranche was co-led by E3 Capital and JANNGO Capital, with additional backing from KawiSafi Ventures and Cur8 Capital.

Cur8 and other lenders provided debt financing as part of a structured $60 million facility aligned with Islamic finance principles.

As a result of the round, Vladimir Dugin of E3 Capital and Fatoumata Bâ of Janngo Capital will take seats on GoCab’s board.

Founded in 2024 by former investment banking professionals Azamat Sultan and Hendrick Ketchemen, GoCab operates a digital platform that blends mobility services with inclusive financing.

The company’s core product is a “drive-to-own” model that allows ride-hailing and delivery drivers to gradually purchase vehicles via structured daily payments, with full ownership typically achieved within about three years.

The platform also includes tools for managing payments and tracking ownership progress.

GoCab currently has operations in five countries, including Côte d’Ivoire, Senegal, Morocco, Chile, and Nigeria, and employs roughly 120 staff across its markets.

In under two years of operation, the startup says it has financed over 1,000 vehicles and reached more than $17 million in annual recurring revenue (ARR), a key milestone that it cites as validation of its approach.

The newly raised funds will be deployed to enter additional African cities, increase the proportion of electric vehicles in GoCab’s fleet, and develop enhanced AI-based credit scoring and risk management systems to support smarter financing decisions.

GoCab has also signalled intentions to broaden its financial services suite for gig workers, including potential “buy now, pay later” credit solutions.

GoCab’s model reflects a growing investor appetite for fintech businesses that combine asset-backed lending with technology platforms tied to employment, particularly in markets where traditional banking services are limited.

It has also positioned profitability and careful cost management as key parts of its strategy.

The startup’s focus on ethical, Shariah-aligned financing and electric mobility aligns with broader trends in fintech and sustainable transport in Africa. 

However, GoCab will need to navigate regulatory requirements and licensing hurdles as it scales its credit offerings and expands its footprint across multiple jurisdictions.