Autochek – an automotive technology company has acquired Morocco’s leading automotive technology startup, KIFAL in its bid to drive its company’s expansion into the North African region of the company.
The acquisition of KIFAL represents the first major expansion of a West Africa-based startup into North Africa. Also, the acquisition will facilitate an effective Pan-African collaboration to drive innovation across the continent’s growing automotive market.
Autochek was founded in 2020 by Etop Ikpe as a means to provide Nigerians with access to car loans. The startup had in November 2020 raised the sum of $3.4 million for its car sales and servicing.
According to the company, Autochek said that with this acquisition, it has positioned itself to tap into the innovations that underpins Morocco’s thriving automotive ecosystem. It also aims at introducing its market-leading solutions to help alleviate various challenges across the value chain and further integrate the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions and other stakeholders.
Speaking on the acquisition, Autochek’s CEO and co-founder Etop Ikpe said: “From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation”.
Ikpe added, “they have built an excellent platform, and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories, and I look forward to a long and mutually beneficial relationship for years to come.”
Autochek currently has operations across West and East Africa (Nigeria, Ghana, Ivory Coast, 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, Ecobank, UBA, Bank of Africa and NCBA Bank.
KIFAL Auto was founded by Nizar Abdallaoui Maane (Essec Paris graduate and former BNP Paribas consultant) in 2019, to transform the automotive experience in Morocco by providing a seamless process for buying and selling used cars, as well as enabling access to financing, warranties, insurance and other value-added services.
CEO and Founder of KIFAL Auto, Nizar Abdallaoui Maane said “In our industry, and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa, and I am confident that we can unlock new value and drive further transformation across the board.”
