Nigeria’s Autocheck Buys Moroccan startup to Facilitate North African Expansion

Autocheck, a Nigerian auto-tech firm, has purchased KIFAL Auto, a Moroccan competitor, to help it expand into the North African market.

Autocheck’s goal is to create digital solutions that will improve and enable a seamless and secure automotive commerce experience throughout Africa. By developing a single platform for consumers’ automotive needs, from sourcing and financing to after-sales service and warranties, the company employs technology to change the automobile purchasing and selling experience for African consumers.

The startup’s rapid expansion plan has relied heavily on acquisitions. After acquiring automotive marketplaces Cheki Nigeria and Cheki Ghana from ROAM Africa, Autocheck started in September 2020 and obtained a US$3.4 million pre-seed fundraising round shortly after.

It has expanded to Kenya and Uganda in addition to Ghana, with the latter two launches being made possible by the acquisition of Cheki assets.

After receiving a US$13.1 million seed round in October of last year, it has now announced the acquisition of KIFAL Auto from Morocco to help it expand throughout North Africa. With its transparent, safe, and cost-effective methods, KIFAL Auto, founded by Nizar Abdallaoui Maane in 2019, has established itself as a trusted partner for individuals and organizations in Morocco looking to buy and sell used automobiles.

Autocheck said the acquisition put it in a unique position to tap into Morocco’s thriving automotive ecosystem’s innovation, introduce market-leading solutions to address 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.

“I was extremely impressed by Nizar and his colleagues at KIFAL Auto’s passion for delivering efficient solutions and their commitment to innovation from the moment I met them. They’ve established a fantastic platform, and we’re happy to have them on board at Autocheck to help us improve the value proposition of automotive finance in Africa. “Our individual journeys have so many parallels, and I look forward to a long and mutually beneficial collaboration for years to come,” said Etop Ikpe, Autocheck’s CEO and co-founder.

Maane said he had long admired Autocheck’s efforts to improve customer experiences across Africa’s automotive value chain.

“We can all learn a lot from each other, and I’m excited to use my knowledge and expertise to help deliver more game-changing innovation in Morocco and beyond.” It makes sense to continue growing with a significant player in our industry, especially in an African environment. Morocco is a gateway to North Africa, and I am optimistic that we can unleash new value and accelerate reform across the board,” he said.