Mobility fintech firm GoCab has secured a funding package of up to $45 million to scale its ethical mobility financing platform across emerging markets, as it targets aggressive fleet expansion and revenue growth over the next two years.
According to a statement released on Tuesday, the financing comprises $15 million in equity and $30 million in debt. The equity round was co-led by E3 Capital and Janngo Capital, with participation from KawiSafi Ventures and Cur8 Capital.
GoCab operates a drive-to-own mobility fintech model that provides structured credit access to gig-economy workers, enabling them to acquire cars, motorbikes, and mobile devices through flexible financing programmes. The platform combines vehicle financing, mobile phone buy-now-pay-later services, and motorbike financing for delivery couriers, alongside other value-added services powered by proprietary technology.
With the new capital, GoCab plans to scale its fleet to 10,000 active vehicles and achieve $100 million in annual recurring revenue (ARR) within 24 months. Currently active in five markets, the company has generated more than $17 million in ARR after just 18 months of operations. It projects $50 million in ARR by the end of 2026 and $100 million by 2027.
Founded in 2024 by Azamat Sultan and Hendrick Ketchemen, GoCab was created to address the persistent lack of access to ethical financing and asset ownership for gig-economy workers across Africa, particularly within the mobility and delivery sectors.
