A leading pan-African auto marketplace Autochek has acquired CoinAfrique, a regional general marketplace leader across French-speaking African markets, for an undisclosed amount.
Following Autochek’s recent acquisition of Morocco-based KIFAL Auto, this acquisition consolidates its move to accelerate its expansion into French-speaking countries across the continent.
Francophone Africa is home to some of the continent’s fastest-growing economies like Senegal and the fastest-growing brand new car market – Côte d’Ivoire. Co-founded in 2016 by Matthias Papet and Eric Genetre, Coinafrique raised $3 million in 2018. Today, it is present in 12 markets with 1.5 million monthly site visits, 800,000 monthly active users, and 60,000 new ads per month. Also, 50 percent of transactions on the site happen in the automotive category.
Speaking on the acquisition, Etop Ikpe, CEO and co-founder of Autochek said “Matthias and Eric are pioneers of the classifieds model in Africa and they have built an outstanding platform with many significant partnerships with car dealers, fintech platforms and other stakeholders in the Francophone automotive sector.
“They’re joining the Autochek family with many years of business and infrastructure development experience across Europe and Africa and we are looking forward to leveraging their expertise to improve the automotive finance value proposition across the continent,” he added.
Present in different automotive and auto financing markets across West, North and East Africa (Nigeria, Ghana, Morocco, Côte d’Ivoire, Kenya and Uganda), Autochek is building a financial infrastructure to deepen the penetration of auto financing across the continent with a footprint in over 1,500 dealer and workshop locations, and more than 70 banking partners across Africa including Access Bank, BNP Paribas, Ecobank, UBA, Bank of Africa and NCBA Bank.
