Technology
Techbytes: NeoFleet Capital raises $4 million to finance taxi fleets in Africa (Africa in Tech)
NeoFleet Capital, a Cyprus-based mobility fintech company that finances taxi fleets in emerging markets, has raised US$4 million in a pre-seed funding round combining equity and debt. According to Tech publication, former inDrive executive Mark Loughran has joined the company as president and co-founder. Africa…
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NeoFleet Capital, a Cyprus-based mobility fintech company that finances taxi fleets in emerging markets, has raised US$4 million in a pre-seed funding round combining equity and debt.
According to Tech publication, former inDrive executive Mark Loughran has joined the company as president and co-founder.
Africa in Tech reports that NeoFleet isbfounded by Igor Shiyanov and operates a model that treats taxis as an asset class, co-financing vehicles with fleet operators while allowing investors to earn returns from the vehicles’ income.
The funding will support the expansion of its corporate fleet financing model across emerging markets, including Senegal and Côte d’Ivoire. The investors have not been disclosed.
NeoFleet currently operates in Senegal, Peru and Côte d’Ivoire, with a partner network covering more than 800 vehicles and representing over US$10 million in financed and committed assets.
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Its launch in Côte d’Ivoire began with three transactions involving the co-financing of taxis worth about US$3 million in total. The company aims to surpass 1,000 vehicles in the country in the near future.
Loughran brings experience in ride-hailing to the venture, having previously discussed inDrive’s plans to partner with other players to provide financing to drivers and delivery riders, many of whom lack formal banking histories.
NeoFleet is targeting this financing gap, which often prevents drivers from accessing credit to purchase the vehicles they rely on for their livelihoods.
The company joins other players pursuing vehicle financing opportunities in Francophone West Africa.
Gozem has raised US$30 million to support vehicle financing and expansion in the region, while Senegal-founded Kai, established in 2018, has developed a model allowing private owners and institutional investors to purchase vehicles as assets and earn regular repayments with interest.
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