Autochek acquires Morocco's Kifal Auto as it expands to North Africa

Autochek acquires Morocco's Kifal Auto as it expands to North Africa

In a play that will see it expand to North Africa, digital automotive commerce company Autochek has acquired Morocco’s KIFAL Auto for an undisclosed amount.

KIFAL was founded in 2019 by Nizar Abdalaoui Maane. The company is among the leading auto marketplaces in Morocco, one of Africa’s largest markets for used and new cars. Following the latest deal, Maane and the KIFAL auto team join Autochek to lead the company’s expansion efforts in North Africa.

“From my first interaction with Nizar and his team at KIFAL Auto, I was 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 our work 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,” said Autochek co-founder and CEO Etop Ikpe in a statement.

The deal comes barely a year after Autochek bought Cheki Kenya and Cheki Uganda from Ringier One Africa Media. Before the September 2021 transaction, Autochek had bought Cheki’s subsidiaries in Ghana and Nigeria and partnered with the CFAO Group to launch the network in Ivory Coast. After KIFAL Auto’s acquisition, Autochek is now present in six countries across East, West, and North Africa.

Like Autochek, KIFAL Auto links car buyers and sellers and also, through partnerships, offers several other services, including financing and insurance.

“I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. We can learn so much from each other, and I am looking forward to bringing my experience and expertise to deliver more game-changing innovations 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 we can unlock new value and drive further transformation across the board,” said Maane.

Autochek says it has 1,500 dealers across its markets and has partnerships with more than 70 financing partners, including Access Bank, Ecobank, UBA, Bank of Africa, and NCBA Bank.

Cars listed on the site go through various inspection stages and are rated according to their status and performance. Then, Autochek said loans are approved in about 48 hours. The company earns by charging a fee to dealers listing on its platforms and a loan facilitation commission from banks.

Autochek, which in October last year raised $13.1 million in a seed round, is backed by several investors, including pan-African VC firms TLcom Capital, 4DX Ventures, Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital, and, Mobility 54 Investment SAS, the venture capital arm of Toyota Tsusho and CFAO Group.