GoCab, a London-based mobility fintech that finances vehicles for gig workers under a “drive-to-own” model, has raised $15 million in seed equity and secured $30 million in debt, the startup said.
The round was led by African venture capital firms E3 Capital and Janngo VC, with participation from KawiSafi and Cur8 Capital.
Founded in mid-2024 by former investment bankers Azamat Sultan and Hendrick Ketchemen, GoCab partners with ride-hailing and food-delivery platforms to offer vehicle financing to drivers and couriers who typically lack access to bank credit.
Through its app, the company also offers add-on financing products, including buy-now-pay-later for mobile phones and motorbike financing for couriers, it said.
GoCab said it has generated more than $17 million in annual recurring revenue within its first 18 months and grown to more than 100 employees across five countries.
Separately, the company said it is structuring a $60 million Shariah-compliant debt facility to be syndicated by emerging-market private debt funds.
It has secured over $30 million in commitments for the facility from Cur8, Cumberland and Verdant, and is in talks to allocate the remainder, it added.
The new funding will be used to expand into additional markets, with a goal of reaching 10,000 cars and $100 million in annual recurring revenue within 24 months, GoCab said.
“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,” Sultan said in a statement.
Ketchemen said the business was focused on “real impact of the capital on lives of our customers.”
GoCab also said it will allocate 1% of net annual profits to a waqf fund to support children from underprivileged backgrounds.
Investor appetite for asset-backed lending to gig workers has risen as ride-hailing platforms expand across emerging markets, with models such as Moove demonstrating demand for vehicle access.
But growth targets that rely heavily on debt can amplify risks, including higher default rates during downturns, currency volatility that raises funding costs, and operational challenges in repossession and resale.
The durability of GoCab’s model will likely hinge on underwriting discipline, platform partnerships that stabilise driver earnings, and the pricing of its Shariah-compliant facilities as it scales.
