After acquiring two online vehicle sales platforms in the third quarter of 2021, Autochek is continuing its buyout operations, this time in French-speaking Africa with CoinAfrique.
Classifieds network, CoinAfrique, is available in twelve French-speaking African nations, deriving at least fifty percent of its monthly transactions from automotive sales. Through this acquisition, the Nigerian wants to expedite the rollout of its vehicle lending service in French-speaking Africa, particularly in CoinAfrique’s markets.
The Nigerian automobile technology development firm was already functioning in nine East, West, and North African countries. It is expanding its operations to twelve additional French-speaking markets on the continent.
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Following this purchase, Etop Ikpe (picture), Managing Director and Co-Founder of Autochek, stated that he was “looking forward to leveraging the expertise of CoinAfrique’s founders to enhance the value proposition of vehicle financing across the continent.”
Autochek has previously bought online vehicle sales platforms well before CoinAfrique. The automotive technology startup bought the Cheki Kenya and Cheki Uganda platforms in September 2021.
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With the new acquisition, Autochek intends to streamline the process of purchasing vehicles by offering finance and other value-added services. The classifieds business of CoinAfrique will continue to operate with the incorporation of its partner’s auto finance product, which will increase the availability of credit for auto purchases.
By focusing on CoinAfrique, the Nigerian company is targeting French-speaking African markets such as Côte d’Ivoire and Senegal, where the sale of new automobiles is experiencing tremendous development.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh