GoCab Secures $45million Seed Round to Drive Mobility Fintech in Emerging Markets
•February 15, 2026
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Companies Mentioned
Why It Matters
The capital injection positions GoCab to close the credit gap for gig workers while showcasing the scalability of ethical, Shariah‑aligned fintech in high‑growth emerging markets.
Key Takeaways
- •$45M seed includes $15M equity, $30M debt
- •Targets 10,000 vehicles and $100M ARR in two years
- •Shariah‑compliant $60M debt facility under syndication
- •Offers drive‑to‑own financing for gig‑economy workers
- •Commits 1% profits to charitable waqf fund
Pulse Analysis
The rapid rise of ride‑hailing and food‑delivery platforms has left a financing void for the workers who power them, especially in Africa and South‑Asia. GoCab, founded in summer 2024 by former investment bankers Azamat Sultan and Hendrick Ketchemen, tackles that void with a ‘drive‑to‑own’ model that lets gig workers lease a vehicle and gradually acquire ownership through automated payments. By bundling vehicle financing with ancillary services such as BNPL for phones, the platform creates a single digital touchpoint that mirrors the broader trend of embedded finance in mobility. The approach echoes Africa’s Moove, but GoCab differentiates itself through a Shariah‑compliant framework and a focus on multi‑country scaling.
The company announced a $45 million seed round—$15 million in equity and $30 million in debt—led by African venture firms E3 Capital and Janngo VC, with KawiSafi and Cur8 Capital also participating. In parallel, GoCab is structuring a $60 million Shariah‑compliant debt facility, already half‑funded by Cur8, Cumberland and Verdant. The fresh capital fuels an aggressive rollout: the firm aims to field 10,000 financed cars and push annual recurring revenue past $100 million within 24 months, up from $17 million ARR recorded after just 18 months of operation. This capital intensity reflects investors’ confidence in the untapped credit market for gig workers and the scalability of embedded mobility finance.
Beyond pure economics, GoCab embeds social responsibility into its DNA. One percent of net profits will be allocated to a dedicated waqf fund supporting underprivileged children, reinforcing the company’s commitment to ethical, Shariah‑aligned finance. By marrying profit motives with community impact, GoCab positions itself as a template for fintech ventures seeking both growth and goodwill in emerging economies. If the expansion targets are met, the startup could become a unicorn in the private‑credit space, prompting other investors to back similarly structured, impact‑driven mobility platforms.
GoCab Secures $45million Seed Round to Drive Mobility Fintech in Emerging Markets
GoCab, a mobility fintech startup operating a “drive-to-own” business model for gig workers, has successfully closed a sizeable Seed investment round comprising $15million in equity and $30million in debt.
The round was led by leading African venture capital firms E3 Capital and Janngo VC, with participation from KawiSafi and Cur8 Capital.
Bridging the credit gap for gig workers
Founded in the summer of 2024 by former investment bankers Azamat Sultan and Hendrick Ketchemen, GoCab was established to solve the credit gap facing gig workers in emerging markets.
The company partners with ride-hailing and food-delivery platforms to offer vehicle financing through a drive-to-own model. Its proprietary digital app also provides add-on services, including Buy Now, Pay Later (BNPL) options for mobile phones and motorbike financing for couriers.
Since launching, the London-based firm reports explosive growth, generating over $17million in annual recurring revenue (ARR) within its first 18 months of operations. The team has expanded to over 100 people across five countries.
Scaling Shariah-compliant finance
In addition to the Seed round, GoCab is structuring a $60million Shariah-compliant debt facility, to be syndicated by specialist emerging market private debt funds. The company has already secured over $30million in commitments for this facility from Cur8, Cumberland, and Verdant, and is currently in discussions to allocate the remaining balance.
The fresh capital will be used to scale operations into new markets, with a target of reaching 10,000 cars and $100million ARR within the next 24 months.
Azamat Sultan, GoCab co-founder and Chairman, commented: “For GoCab team it is a fantastic first founding stone towards building a unicorn in the emerging markets private credit space within next 24 months”.
Social impact and ethical principles
GoCab operates on Shariah principles and has embedded social impact into its corporate structure. The company has committed 1 per cent of its net annual profits to a separate waqf fund dedicated to supporting children from underprivileged backgrounds.
Hendrick Ketchemen, co-founder and Board Member, added: “GoCab for me and Azamat is about the real impact of the capital on lives of our customers, working in finance we saw numbers on the screens, now we can see smiles on the faces and this energizes us to work more and more to bring positive change”.
The company’s model draws parallels to Moove, another mobility fintech pioneer in Africa, which recently announced significant fundraising efforts. GoCab aims to differentiate itself through its ethical foundations and rapid expansion across multiple emerging markets.
The post GoCab Secures $45million Seed Round to Drive Mobility Fintech in Emerging Markets appeared first on The Fintech Times.
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