Nigerian auto-tech startup Autochek has reportedly announced its takeover of CoinAfrique, a leading platform for classifieds and tenders in French-speaking Africa, to expand its services in the Francophone African region.
Autochek offers digital solutions for enhancing and enabling a seamless and safe experience in automotive commerce across the continent.
The startup utilizes technology to transform the buying and selling experience of African automotive consumers, creating a single marketplace to fulfill all automotive needs, be it sourcing, financing , or after-sale support and warranty.
This is the latest among the series of acquisitions by the startup since its inception in 2020. At the time, Autochek had acquired online classified firm ROAM Africa’s automotive marketplaces Cheki Ghana and Cheki Nigeria.
It has since expanded into Uganda and Kenya in addition to Ghana after acquiring the Cheki marketplaces, respectively.
Earlier in May, Autochek acquired KIFAL Auto’s Morrocan affiliate to fuel its expansion into the Northern region of Africa. It entered the West African region, such as Senegal and Ivory Coast, along with a few French-speaking nations, with the acquisition of CoinAfrique.
CoinAfrique, launched in 2016, has a presence in 12 Francophone African nations and is one of the top classified marketplace there, having 60,000 new ads monthly with 800,000 monthly active users. The firm offers businesses and individuals to easily buy and sell various goods, including electronics, vehicles, and real estate.
With half of its business driving from the automotive category, CoinAfrique’s acquisition by Autochek will make accessing financing and similar value-added services for their vehicles easier for French-speaking consumers on the continent.
While CoinAfrique’s classifieds business will continue operating across various product categories, Autochek’s deep integration of auto-financing products will help guide access to credit for automotive purchases.
Etop Ikpe, co-founder and CEO, Autochek, stated that the firm looks forwards to leveraging CoinAfrique's several years of experience in business and infrastructure development across Africa and Europe and boosting Africa’s automotive finance value proposition in Africa.
Matthias Papet, founder, CoinAfrique, stated that the firm is eager to leverage Autochek's expertise and products to offer more customers a transformative experience.
Source credit: https://disrupt-africa.com/2022/07/07/nigerian-auto-tech-startup-autochek-acquires-coinafrique-to-drive-francophone-african-expansion/