Automotive technology company, Autochek, has acquired KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa.
This acquisition represents the first major expansion of a West Africa-based startup into North Africa, and it will facilitate effective Pan-African collaboration to drive innovation across the continent’s growing automotive market.
With this acquisition, Autochek says it is uniquely positioned to tap into the innovation that underpins Morocco’s thriving automotive ecosystem. Its aim is to also introduce its market-leading solutions to 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.
Commenting on the acquisition, CEO and co-founder of Autochek, 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. 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.”
CEO and Founder of KIFAL Auto, Nizar Abdallaoui Maane, said: “I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond. 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”.
Head of CDG Invest, Yassine Haddaoui, said: “KIFAL Auto is a great example of the real change that innovation and a focus on value creation are driving across Africa today. Nizar and his team have shown a lot of passion, vision, and entrepreneurial spirit to drive the company’s success to date, and we are confident that this success will continue as they join the Autochek family.”
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.
The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders accelerator programme, aiming to fund and support world-class startups linked to Morocco and Africa.
Freelanews is a potpourri of news, entertainment, business, events and photos. This is no fake news.
