GoCab raises $45m to scale Shariah-compliant financing in Africa

London-based mobility and financial services platform GoCab has secured $45 million in new financing — including $15 million in equity and $30 million in debt — to support its expansion across African markets and develop its Shariah-compliant vehicle financing model.

The equity round was led by E3 Capital and JANNGO Capital, with participation from KawiSafi Ventures and Cur8 Capital, while Cur8 Capital and other lenders provided the debt financing. As part of the transaction, Vladimir Dugin of E3 Capital and Fatoumata Bâ of Janngo Capital will join GoCab’s board, reflecting investor support for the company’s growth strategy.

GoCab operates a fintech-enabled mobility platform that allows ride-hailing and delivery drivers to acquire vehicles through Shariah-compliant financing structures. Drivers make daily payments and typically gain full ownership within about three years, with digital tools enabling them to track ownership progress and manage repayments.

The company currently operates in Côte d’Ivoire, Senegal, Morocco, Chile and Nigeria, employing approximately 120 people. According to the company, it generates more than $17 million in annual recurring revenue and has financed over 1,000 vehicles since launch.