London, UK: GoCab, a mobility fintech platform focused on ethical financing and electric mobility, has raised $45 million to expand operations and deepen financial inclusion for gig-economy workers across Africa.
The funding comprises $15 million in equity and $30 million in debt, strengthening GoCab’s efforts to enable vehicle ownership and sustainable income generation for drivers and delivery couriers.
Founded in 2024, GoCab was established to address limited access to fair financing and vehicle ownership across African markets.
By integrating mobility, technology, and inclusive finance, the company enables gig workers to earn stable livelihoods while progressively gaining ownership of their vehicles.
By 2025, GoCab had established a strong presence across several African countries, supporting thousands of drivers and contributing to cleaner and more sustainable urban mobility systems.
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GoCab Founded to Drive Financial Inclusion Through Mobility
GoCab was founded by Azamat Sultan and Hendrick Ketchemen, both of whom bring investment banking experience and deep expertise in structured finance and emerging markets.
The company was built with the objective of transforming capital into a catalyst for social mobility, financial inclusion, and long-term economic empowerment. Today, GoCab employs more than 120 professionals across five countries, representing 18 nationalities.
The equity round was co-led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital. In addition, GoCab secured over $30 million in debt commitments, primarily from Cur8 Capital and other partners, as part of a broader $60 million Shariah-compliant debt facility currently under structuring.
GoCab to Expand Electric Vehicle Fleet and AI-Driven Platforms
The newly raised capital will enable GoCab to scale operations in its core African markets, expand into new high-growth cities within and beyond the continent, and significantly increase the proportion of electric vehicles in its fleet.
The company also plans to deploy AI-driven solutions for credit scoring, fleet optimisation, and risk management.
Across five active markets, the company currently generates more than $17 million in Annual Recurring Revenue (ARR) after just 18 months of operations. The company is targeting $50 million in ARR by the end of 2026 and $100 million by 2027.
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Commenting on the funding, Azamat Sultan, Co-Founder and Executive Chairman of GoCab, said the company’s mission centres on restoring dignity and opportunity through ownership.
He highlighted that millions across Africa remain excluded from both mobility and finance, and noted that the funding will allow the company to responsibly expand access to ethical financing while accelerating the transition to electric mobility and reducing carbon emissions.
Hendrick Ketchemen, Co-Founder of GoCab, added that the company aims to transform lives and improve economic outcomes for thousands of families, underscoring the company’s belief that capital can serve as a force for positive transformation across Africa and other emerging markets.
Investors Back GoCab’s Climate-Smart Mobility Vision
Vladimir Dugin, Managing Partner at E3 Capital said, “The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale. Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions.”
Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, added: “We are proud to lead GoCab’s $15 million equity round, catalysing over $30 million in debt financing. We were impressed by their vision, their world-class team, and the quality of their execution. With this funding, GoCab now has the scale to deploy thousands of productive vehicles, each supporting a full-time income. With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab illustrates how ethical financing can translate into tens of thousands of decent jobs, household resilience, and sustainable growth at scale.”
Marcus Watson, Partner, KawiSafi Ventures commented: “GoCab is building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes them a compelling platform for sustainable growth.”
Africa’s gig workforce continues to grow rapidly, yet access to traditional financial systems remains limited for millions. The company addresses this gap by offering structured ownership pathways, predictable income opportunities, and access to electric vehicles that lower operating costs and emissions.
With hundreds of millions of gig workers globally, many based in Africa, the company operates at the intersection of financial inclusion, electric mobility, and technology-driven impact.
