GoCab raises $45M to expand its drive-to-own model across Africa

February 3, 2026

GoCab raises $45M to expand its drive-to-own model across Africa

London-based mobility fintech GoCab raises $45 million to expand its drive-to-own vehicle financing model across Africa and other emerging markets.

The round consists of $15 million in equity and $30 million in debt and forms part of a broader $60 million Shariah-compliant debt facility currently being structured. The company launched in 2024 and says it is on track to reach $50 million in annual recurring revenue this year.

GoCab provides structured pathways to vehicle ownership for gig workers, delivery drivers, and freelancers. Rather than short-term rentals, drivers gradually acquire full ownership of vehicles while generating income.

Beyond cars, the platform also finances motorbikes and offers buy-now-pay-later options for mobile phones, all managed through its digital infrastructure.

The equity round was co-led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital. Cur8 Capital and other lenders also provided debt financing, which GoCab will use primarily to acquire vehicles and support geographic expansion.

The structure of the raise reflects a broader pattern in African mobility and fintech: equity capital supports platform development and market entry, while debt finances hard assets with predictable cash flows.

If executed well, this blend can reduce capital costs and improve unit economics in a sector historically challenged by asset depreciation, maintenance risk, and driver churn.

GoCab plans to scale to 10,000 vehicles in operation and target $100 million in annual recurring revenue by 2028. It also intends to increase the share of electric vehicles in its fleet, positioning cost savings on fuel and maintenance as part of the value proposition for drivers.

The model, however, rests on several assumptions. Continued growth in gig work demand, stable regulatory environments for ride-hailing and delivery platforms, and access to affordable debt will all be critical. Electric vehicle deployment will also depend on charging infrastructure, grid reliability, and import policies across different African markets.

Investor commentary frames GoCab as a response to gaps in affordable vehicle access, high transport costs, and limited financial inclusion.

With a global gig workforce estimated at over 400 million, many in Africa, the company is building financing infrastructure aimed at converting daily income into long-term asset ownership.

What remains to be seen is whether GoCab can sustain credit performance and operational discipline as it scales across markets with varying economic and regulatory conditions.

Its next phase will test whether drive-to-own mobility can move from a niche financing solution to a durable layer in Africa’s urban transport economy.

Leave a comment and follow us on social media for more tips: