GoCab, a pan-African mobility fintech, has raised $45 million in a strategic funding round to scale electric vehicle operations and enhance financial access for gig-economy workers across the continent. The investment includes $15 million in equity, co-led by E3 Capital and JANNGO Capital, alongside $30 million in debt commitments, forming part of a broader $60 million Shariah-compliant facility currently under structuring.
Founded in 2024 by Azamat Sultan and Hendrick Ketchemen, GoCab addresses a critical gap in Africa’s transport and financial ecosystem: limited access to vehicle ownership and structured financing for drivers and delivery couriers. By combining mobility, technology, and inclusive finance, the company enables gig workers to generate stable incomes while progressively acquiring ownership of their vehicles.
GoCab now employs over 120 staff across five countries and 18 nationalities. The company has already established a significant market presence, generating over $17 million in annual recurring revenue (ARR) within 18 months of operations, with projections of $50 million ARR by the end of 2026 and $100 million in 2027.
The new financing will support GoCab’s plans to expand operations into high-growth African cities, increase the share of electric vehicles within its fleet, and deploy AI-powered solutions for credit scoring, fleet optimisation, and risk management.
Azamat Sultan, Co-Founder and Executive Chairman, described the initiative as a means of “restoring dignity and opportunity through ownership,” adding that the company aims to expand access to ethical, fair financing while accelerating the transition to cleaner urban mobility and reducing carbon emissions.
Hendrick Ketchemen, Co-Founder, emphasised GoCab’s social impact, noting: “Our mission is to transform daily livelihoods for thousands of families. Capital should empower the people who need it most, and GoCab demonstrates how technology and finance can drive inclusive growth across Africa.”
Investors have highlighted GoCab’s unique position at the intersection of financial inclusion, sustainable mobility, and the future of work. Vladimir Dugin, Managing Partner at E3 Capital, noted that GoCab’s data-driven platform addresses vehicle shortages and high transport costs, while simultaneously expanding access to mobility and lowering emissions.
Fatoumata Bâ, Founder of JANNGO Capital, praised the company’s operational roadmap toward 10,000 active vehicles and $100 million in recurring revenue, describing it as a model for translating ethical financing into jobs, household resilience, and sustainable economic growth. Marcus Watson of KawiSafi Ventures added that GoCab is building critical infrastructure for climate-smart transport, combining strong unit economics with measurable social impact.
Africa’s gig workforce continues to grow rapidly, yet millions remain excluded from traditional financial systems. GoCab directly addresses this challenge by providing vehicles, structured ownership pathways, and predictable income opportunities. The expansion of electric vehicles within the fleet reinforces the company’s commitment to climate-friendly solutions and more resilient urban transport ecosystems.
