GoCab secures $45m to scale EV fleets and financial inclusion

February 4, 2026

GoCab, a mobility FinTech focused on ethical vehicle financing and electric mobility for gig-economy workers, has raised $45m to accelerate its expansion across Africa and beyond.

Founded in 2024, the company was established to tackle limited access to fair financing and vehicle ownership for drivers and delivery couriers across African markets.

By integrating mobility services, technology, and inclusive finance, GoCab enables workers to generate stable income while progressively gaining ownership of the vehicles they operate. By 2025, the company had established a leading presence in several African markets, supporting thousands of drivers and contributing to cleaner urban mobility systems, it said.

The $45m financing comprises $15m in equity and $30m in debt. The equity round was co-led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital. Alongside this, GoCab has secured more than $30m in debt commitments from Cur8 Capital and others as part of a broader $60m Shariah-compliant debt facility that is currently being structured.

The funding will be used to scale operations in core African markets, expand into new high-growth cities both within and outside the continent, and significantly increase the proportion of electric vehicles in GoCab’s fleet.

The company also plans to deploy AI-driven solutions across credit scoring, fleet optimisation, and risk management. After just 18 months of operations, GoCab is generating over $17m in annual recurring revenue and is targeting $50m by the end of 2026 and $100m in 2027.

GoCab co-founder and executive chairman Azamat Sultan said, “For us, GoCab is about restoring dignity and opportunity through ownership.

“Across Africa, millions of people are locked out of both mobility and finance. We saw how capital was flowing everywhere except to the people who actually needed it to work. This round allows us to scale responsibly expanding access to fair, ethical financing while accelerating the transition to electric mobility, lowering carbon emissions, and building a more inclusive and sustainable future in close alignment with our investors.”

GoCab co-founder Hendrick Ketchemen said, “Transforming lives and improving the daily reality of thousands of families is the mission we have set for ourselves. We believe that capital can and must become a powerful force for transformation across Africa and emerging markets.”

E3 Capital managing partner Vladimir Dugin said, “The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale. Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions. We are proud to support GoCab as it builds the leading pan-African mobility platform for the future.”