Nigeria-based automotive technology startup Autochek is continuing with its acquisition drive as it signed its third deal within ten months.
Autochek said Wednesday it has acquired CoinAfrique, a platform for classified ads in French-speaking Africa, to accelerate the penetration of its auto financing services in Senegal, Côte d’Ivoire and other Francophone African countries.
Autochek had acquired Moroccan peer KIFAL Auto two months ago to ramp up expansion into the North African market. Last year, Autochek acquired Cheki Kenya and Uganda from Ringier One Africa Media and raised $13.1 million in a seed round.
CoinAfrique was founded in 2016 by Matthias Papet and Eric Genetre. It is present in Côte d’Ivoire, Senegal and 10 other French-speaking African countries. It enables businesses and individuals to buy and sell vehicles, electronics, real estate and other goods.
The CoinAfrique app has been downloaded more than 2 million times, with 800,000 monthly active users and 60,000 new ads per month. The website receives more than 1.5 million visits per month. Autochek seeks to leverage the fact that half of the business transacted on the CoinAfrique platform is in the automotive category.
CoinAfrique’s wider classifieds business will continue to operate across the various product categories, with a deep integration of AutoChek’s auto financing product to drive access to credit for automotive purchases, the company said.
Francophone Africa is home to many of the fastest-growing economies on the continent, as well as and the fastest-growing brand-new car market—Côte d’Ivoire. It is also home to Senegal, which is projected to be the fastest-growing economy in Africa by 2023.
Led by Etop Ikpe, Autochek is an automotive technology development company that is building the infrastructure to make car ownership more accessible and affordable in Africa.
It has existing operations across 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.