Autochek acquires Morocco’s KIFAL Auto to drive North Africa expansion
AutochekThe automotive technology company that makes car ownership more affordable in Africa 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.
KIFAL Auto was established by Nizar Abdallaoui Makane, an Essec Paris graduate and former BNP paribas consultant, in 2019. It aims to revolutionize the Moroccan automotive industry by facilitating the purchase and sale of used cars and providing financing, warranties, insurance, and other value-added service. The startup was the first to be accepted into the inaugural cohort of CDG Invest’s 212 Founders accelerator programme, which aims to fund and support world-class startups linked to Morocco and Africa.
Morocco is Africa’s most developed market for automobiles, selling more than 180,000 new cars annually and 560,000 used cars each year. As a result of various policy developments and investments in infrastructure, Morocco’s automotive sector is set to grow a further $14 billion over the next five years. It is home to an innovative technology center, which is powered by a vibrant startup ecosystem that provides a wide range solutions for the automotive industry. KIFAL Auto, a transparent, secure, and cost-effective partner for people and organizations in Morocco, has been a trusted choice over the years.
With this acquisition, Autochek is uniquely positioned to tap into the innovation that underpins Morocco’s thriving automotive ecosystem, 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. Autochek has a data analytics engine which makes it easier for financial institutions and consumers to offer credit. It currently operates in West Africa (Nigeria Ghana Ivory Coast Kenya Uganda), as well as a retail presence with more than 1,500 dealers and workshop locations. More than 70 banks are partners of Autochek, such UBA Bank, Ecobank and NCBA Bank.
Commenting on the acquisition Etop Ikpe, CEO and co-founder of Autochek 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 created a great platform and we are happy to have them aboard at Autochek. We are excited to support our work to improve Africa’s automotive finance value proposition. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come.”
Nizar Abdallaoui Maane, CEO and Founder of KIFAL Auto, said “I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There’s so much we can all learn from each other, and I am excited to share my expertise and bring my experience to help deliver more game-changing innovation in Morocco and elsewhere. It is a good idea to keep growing with a large company in our industry and in Africa. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board”.
Yassine Haddaoui, Head of CDG Invest said, “KIFAL Auto is a great example of the real change that innovation and a focus on value creation is driving across Africa today. Nizar and his team have shown a lot of passion, vision and entrepreneurial spirit to drive the success the company has seen to date and we are confident that this success will continue as they join the Autochek family.”
Nizar and KIFAL Auto will join Autochek to continue exploring new opportunities to bring positive change to the automotive industry in Morocco.
Autochek is an automobile technology development company. It is developing the infrastructure necessary to make car ownership in Africa more affordable and easier. With active operations in East, West and North Africa, a partner-led retail footprint in over 1,500 dealers and workshop locations, and more than 70 banking partners, Autochek is improving Africa’s automotive finance value proposition by bringing all relevant stakeholders together to enable easier access to more financing options as a catalyst for growth in Africa’s automotive industry.
For more information, please visit the following: www.autochek.africa
About CDG INVEST (previously CDG Capital Private Equity).
CDG Invest is a private equity company that focuses exclusively on investments in growth in SMEs and mid-cap businesses in Morocco and Francophone Africa. The Capmezzanine family funds were previously managed by the company, which was previously known under the name CDG Capital Private Equity. CDG INVEST is based in Casablanca and has €180 million assets under management from various local and international institutional investors. It is currently investing its fourth fund. This fund focuses on equity investments between 5 to 15 million euros per transaction. CDG INVEST is a regulated financial investment manager licensed by the Autorité Marocaine du Marché de Capitaux (AMMC).
For more information, please visit the following: https://www.cdgcapital-pe.ma/