London, UK - February 3, 2026; GoCab, a mobility-focused fintech operating in Africa, said it has raised $45 million in a financing round that includes $15 million in equity and $30 million in debt. The company said the proceeds will be used to expand its operations in existing markets, enter additional cities, and increase the share of electric vehicles (EVs) in its fleet, while developing tools such as AI-based credit scoring, fleet optimization, and risk management.
The company, founded in 2024, positions itself as a provider of vehicle access and structured ownership pathways for ride-hailing and delivery workers who may lack access to traditional financing. GoCab said its approach is designed to allow drivers and couriers to earn income while progressively building ownership in the vehicles they use.
Investors and structure of the round
GoCab said its equity raise was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital. On the debt side, the company said it has secured more than $30 million in debt commitments from Cur8 Capital and other parties, within what it described as a broader $60 million Shariah-compliant debt facility that is still being structured.
The company did not disclose valuation details, the full list of debt participants, or the timeline for finalizing the larger facility.
Operations and growth claims
GoCab said it operates across five markets and employs more than 120 people across five countries, representing 18 nationalities. It said it currently generates more than $17 million in annual recurring revenue (ARR) after roughly 18 months of operations, and it set out revenue targets of $50 million ARR by the end of 2026 and $100 million ARR in 2027. These figures were presented as company-reported results and forward-looking targets, rather than audited financial statements.
The company also outlined an operational roadmap targeting 10,000 active vehicles and $100 million in recurring revenue, without specifying a precise deadline in the provided materials.
Planned use of funds
GoCab said the new capital will support:
- scaling its fleet and expanding in core African markets, and entering additional high-growth cities “across and outside the continent”;
- increasing the proportion of EVs within its fleet;
- deploying data-driven systems, including AI-based credit scoring and fleet/risk tools.
The company framed EV expansion as a way to reduce emissions and lower operating costs for drivers, while supporting urban transport systems. It did not provide unit economics, EV penetration figures, or verification of emissions impacts in the supplied text.
What the company and investors said
Azamat Sultan, co-founder and executive chairman, said the company’s focus is ownership-based access to vehicles and “fair, ethical financing,” and that the round would allow GoCab to scale its model while expanding electric mobility. Hendrick Ketchemen, co-founder, described the company’s mission as improving household outcomes through access to productive assets.
Investors emphasized GoCab’s positioning at the intersection of financial inclusion, gig work, and climate-oriented mobility. E3 Capital pointed to vehicle scarcity and transport costs as structural issues in many African markets. Janngo Capital said the funding could enable the deployment of “thousands of productive vehicles,” with each vehicle supporting full-time income, and described the company’s growth plan toward 10,000 active assets. KawiSafi Ventures cited execution and unit economics as part of its investment rationale, without providing detailed metrics.
Broader context
GoCab’s model aligns with two trends accelerating across many African cities: the rapid growth of app-based gig work and rising demand for practical financing pathways that help workers build ownership of productive assets beyond traditional banking channels. By linking expansion to electric vehicles, the company is also positioning itself to benefit from improving charging networks, service ecosystems, and vehicle availability—developments that can strengthen operating reliability over time while supporting lower running costs and cleaner urban transport
