Autochek is one of the few companies that facilitate and finance auto checking in Africa.
Less than one year ago, it acquired Cheki Kenya and Cheki Uganda. The acquisition was made from ROAM Africa, also known as Ringier One Africa Media.
Previously, Autochek had successfully acquired Cheki Nigeria and Ghana as part of its launch in West Africa.
Today, the company has gone further with a new acquisition. According to a statement from the organization, it has acquired CoinAfrique, classified ads in French-speaking Africa.
The move seeks to accelerate the penetration of its services in French-speaking countries, including Ivory Coast and Senega.
CoinAfrique was launched back in 2016 by Matthias Papet and Eric Genetre. It started operations in Senegal and Ivory Coast but expanded its portfolio to other 10 French-speaking countries.
The platform reportedly has 800,000 monthly active users and 60,000 new ads per month.
Autochek will be positioned to take advantage of CoinAfrique’s extensive database across Francophone Africa to facilitate auto financing for consumers and SMEs across this region to purchase their desired vehicles.
It currently serves North, West, and East Africa (Nigeria, Ghana, Morocco, Côte d’Ivoire, Kenya and Uganda), a partner-led retail footprint in over 1,500 dealer and workshop locations, and more than 70 banking partners including Access Bank, BNP Paribas, Ecobank, UBA, Bank of Africa and NCBA Bank.
Quotes
According to Etop Ikpe, CEO and co-founder of Autochek, “Matthias and Eric are pioneers of the classifieds model in Africa and they have built an outstanding platform with many significant partnerships with car dealers, fintech platforms and other stakeholders in the Francophone automotive sector. They are joining the Autochek family with many years of business and infrastructure development experience across Europe and Africa and we are looking forward to leveraging their expertise to improve the automotive finance value proposition across the continent.”
Matthias Papet, CEO and co-founder of CoinAfrique, said, “we are excited about the opportunity to drive the penetration of auto financing across Francophone Africa and to support the wider mission across Africa. We see many opportunities to unlock value for users across all the categories on our platform and to expand into new countries, and we are looking forward to leveraging Autochek’s market leading loans product and expertise to deliver more transformative experiences for our users.”
