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§ Private Profile · 5 Garden Link, Accra, Ghana
Automotive technology company with a digital platform for car buying, selling, and servicing, streamlining vehicle financing across Africa.
Based in Lagos, Nigeria, Autochek is an automotive technology company that operates a digital platform connecting consumers and businesses with auto dealers, workshops, and financial institutions to streamline vehicle transactions and financing. The company generates its revenue through commissions on used vehicle sales, loan origination fees, and service charges from partner dealerships across the broader African automotive retail sector. Autochek has raised over $16 million in total disclosed funding, which includes a $13.1 million seed round, and expanded its operations to more than nine African countries while partnering with over 70 financial institutions. The enterprise is backed by prominent venture capital investors including TLcom Capital, 4DX Ventures, and Golden Palm Investments, and has grown its regional footprint by acquiring international platforms like KIFAL Auto and CoinAfrique. Autochek was founded in 2020 by Etop Ikpe and Chijioke Mba.
Autochek has raised $16.0M across 2 funding rounds.
Autochek has raised $16.0M in total across 2 funding rounds.
Autochek has raised $16.0M in total across 2 funding rounds.
Autochek's investors include TIDE Africa Fund, Walter Baddoo, ASK Capital, Enza Capital, Golden Palm Investments, Lateral Capital, Mobility 54, Kepple Africa Ventures, MSA Capital.
Autochek has raised $16.0M across 2 funding rounds. Most recently, it raised $13.0M Seed in October 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2021 | $13M Seed | Tide Africa Fund, Walter Baddoo | ASK Capital, Enza Capital, Golden Palm Investments, Lateral Capital, Mobility 54 | Announced |
| Nov 1, 2020 | $3M Seed | Tide Africa Fund, Walter Baddoo | Golden Palm Investments, Kepple Africa Ventures, Lateral Capital, MSA Capital | Announced |
Autochek is an automotive technology company building a comprehensive platform to make car ownership more accessible and affordable across Africa.[1][2] It offers a one-stop marketplace for buying, selling, financing, maintenance, after-sales support, and warranties, serving individual consumers, businesses, auto dealers, and financial institutions in 9 countries including Nigeria, Ghana, Kenya, Uganda, and Egypt.[1][2] The platform solves fragmented automotive commerce by leveraging data analytics for vehicle loans—processing over 80,000 applications, disbursing ₦500M+ in loans, and partnering with 70+ financial institutions and 2,000+ dealerships—while recent launches like Autochek Financial Services accelerate financing access.[1][2]
Growth momentum is strong, fueled by strategic acquisitions (e.g., Cheki Nigeria/Ghana in 2020, majority stake in Egypt's AutoTager), $13.1M in total funding, and expansions into East, West, and North Africa, positioning it as a key player in Africa's auto-finance ecosystem.[1][4]
Autochek emerged in Nigeria as an auto-tech startup, debuting in September 2020 through the acquisition of automobile marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa, which provided immediate market entry and traction.[1] Founded around 2020 (with some sources noting 2011, likely pre-rebrand), it is headquartered in Lagos at 1 Sylvia Crescent, evolving from a digital classifieds buyer into a full-stack automotive infrastructure provider.[3][4] Early pivotal moments included rapid expansions to Kenya and Uganda via further Cheki acquisitions, building a partner-led network across 1,500+ dealers and workshops.[1][2]
The idea stemmed from transforming Africa's opaque, inefficient car buying/selling experience into a seamless digital ecosystem, with founders capitalizing on rising demand for affordable mobility amid growing middle-class populations.[1][2] Key milestones: processing 50,000+ applications, selling 500+ cars, and satisfying 50,000+ customers shortly after launch, setting the stage for financial services rollout.[2]
Autochek rides the wave of Africa's booming automotive fintech sector, where rising vehicle demand (driven by urbanization, e-commerce logistics, and a young population) meets underserved financing—only 5-10% of cars are financed continent-wide.[1] Timing is ideal amid digital payment adoption (e.g., mobile money) and post-COVID mobility shifts, with market forces like economic growth in Nigeria/Egypt and EV/used-car surges favoring scalable platforms.[1][2] It influences the ecosystem by aggregating stakeholders—dealers, banks, consumers—lowering barriers to ownership, catalyzing industry growth, and setting standards for data-enabled auto-commerce, much like how Jumia transformed retail.[1][4]
Autochek is poised to dominate Africa's $20B+ auto-finance market through deeper integrations like Autochek Financial Services and further North/East expansions, potentially hitting 1M+ loan applications via AI-driven underwriting.[1][2] Trends like embedded finance, EV adoption, and pan-African trade (AfCFTA) will propel it, with influence evolving from marketplace to infrastructure layer powering fleets and insurers. Watch for more M&A and global partnerships to solidify its lead in accessible mobility. This auto-tech innovator exemplifies how targeted infrastructure unlocks Africa's underserved sectors.