Nigerian Auto Company Autochek Acquire CoinAfrique to Boost Francophone Presence

A month after expanding into North Africa by acquiring Morocco's KIFAL autos, Autochek, the Nigerian pan-African automotive technology company, announced it had acquired CoinAfrique, for an undisclosed amount to accelerate penetration of its auto financing services in Francophone Africa, especially in Senegal and Côte d’Ivoire.

Autochek 

CoinAfrique is a classified marketplace in francophone African countries.

According to Autochek, checking in CoinAfrique will help it accelerate penetration of its auto financing services in the region, especially in Senegal and Côte d’Ivoire. 

From funding to acquisition

CoinAfrique recently raised about $3.1 million in funding, and was in the market for either funding or a merger and acquisition (M&A) deal. 

Eventually it went for the M&A. According to Papet, the decision was based on the “conviction this is the deal we need to take the company to the next level”. 

With this acquisition, Autochek will leverage CoinAfrique’s extensive database across francophone Africa to facilitate auto financing for consumers and SMEs across this region to purchase their desired vehicles. It said it will also support further integration of the Pan-African automotive industry to drive shared value for consumers, manufacturers, financial institutions, and other stakeholders.

About CoinAfrique: 

CoinAfrique was initially founded in Benin in 2016 by Matthias Papet and Eric Genetre, and it quickly grew into other francophone African countries. The company now has a presence in 10 countries in the region including its 2 biggest economies—Côte d’Ivoire and Senegal. 

Its app has been downloaded more than 2 million times, with 800,000 monthly active users and 60,000 new product listings per month. The CoinAfrique website, on the other hand, receives more than 1.5 million visits per month.