Autochek Officially Launches in Kenya
Autochek, the automotive technology company facilitating auto financing across Africa, has officially launched in Kenya as part of its pan-African expansion.
With credit penetration in Kenya at 27.5% (significantly higher than the West African market which stands at 5%) and over 400,000 car sales per annum, East Africa’s growing market is positioned as a key auto financing hub. Autochek will leverage its 360-degree automotive solutions to provide vehicle financing and after-sales services through its finance partners such as NCBA Group, Caritas MFB, KKVL, Musoni and Sidian.
With Cheki Kenya’s operations fully integrated with Autochek’s, the company now has over 12,000 unique vehicles listed on the Autochek app and have onboarded licensed brand new car manufactures (Inchcape, CFAO Group & CMC Motors) as well as used car dealers (Al Rahim, Autobox, Newton, Mombasa Khushi & Canon Motors).
To ensure vehicles are kept in good condition, customers in Kenya can access affordable and expert maintenance services from standardised workshops (AutoXpress, Motor Consult, Kei Cars & ) and insurance partners( PesaBazaar & MTEK) via Autochek’s partner network.
Launched in 2020 and backed by TLcom Capital and 4DX Ventures, the company combines technology underpinned by data analytics to deepen auto finance penetration across the continent. Powered by its residual value algorithm, Autochek is able to pre-qualify customers for financing and disburse auto loans within 48 hours through a single application process.
The company closed a $3.4 million pre-seed round co-led by TLcom Capital and 4DX ventures last year.