Autochek to boost vehicle financing in Africa with new fintech arm

Autochek, an automotive technology company making car ownership more accessible and affordable across Africa, has announced the launch of Autochek Financial Services.

• Launched in October 2020 and operational across East, West and North Africa, Autochek combines technology, underpinned by data analytics to deepen auto finance penetration across the continent.
• Leveraging the vast reach of its online marketplace, the company originates auto loans powered by data analytics that makes it easier for financial institutions to offer credit to consumers.
• In a statement, the startup disclosed that the new fintech arm of the business will focus on providing a range of vehicle financing solutions for consumers and businesses across the continent.
• According to Techloy's funding database, Autochek has raised $16.5 million across two funding rounds (based on disclosed rounds) since it was launched in 2020. The startup has also expanded aggressively across Africa through acquisitions in East, and North Africa over the last one year.
• The new fintech arm will be based in Johannesburg, South Africa and led by Johan van der Merwe, a financial services veteran with more than 20 years of experience in risk, credit and asset finance.