South African vehicle leasing company MyNextCar (MNC) has secured $10 million in its first-ever funding round, signaling strong investor confidence in its model of providing affordable vehicle financing to ride-hailing drivers. The round was led by Emso Asset Management, a London-based firm increasingly interested in mobility investments across Africa, with additional backing from Bolt, impact-focused E2 Investments, and Assemble Capital.
Fueling Growth for Accessible Urban Mobility
The fresh capital will enable MNC to add 1,500 vehicles to its fleet, specifically supporting Bolt’s budget-friendly ride category, Bolt Lite. The fleet will mainly feature fuel-efficient Bajaj Qute vehicles, known for their affordability and durability, making rides accessible for both drivers and passengers.
Driving Income Generation and Market Inclusion
Currently, MNC supports over 700 drivers, many of whom rely on gig economy earnings to improve their livelihoods. Notably, 43% of these drivers are under 35, and about 4% are women, underscoring MNC’s role in creating income opportunities for youth and women in a high-unemployment environment.
Bolt’s expansion of the Bolt Lite fleet aims to provide more affordable transport options to commuters while strengthening its competitiveness in South Africa’s ride-hailing space. But the segment isn't without challenges. Minibus taxi operators, concerned about losing earnings, have sometimes reacted with harassment or intimidation towards Bolt Lite drivers, highlighting the complex dynamics at play in urban mobility.
Institutional Support and Broader Impact
Emso Asset Management's participation is noteworthy, given its prior investment in Moove, another African mobility fintech offering driver vehicle financing. Their backing signals growing interest from institutional investors in models that combine urban mobility solutions with employment opportunities.
Lerato Motsoeneng, Senior General Manager at Bolt South Africa, described the investment as validation for a model that emphasizes affordability and access, key ingredients in expanding transportation options and fostering sustainable livelihoods.
Broader Implications for African Mobility
This move extends beyond fleet expansion. It demonstrates a shift in how informal employment and tech-enabled mobility intersect. By supporting vehicle providers like MNC, investors recognize the importance of tailored financial structures that enable low-income drivers to participate meaningfully in the digital economy.
In markets like South Africa, where limited access to credit and vehicles restrict income-generating potential, innovative financing solutions are crucial. While operating in a landscape rife with regulatory tensions and labor disputes, MNC’s ability to attract institutional funding highlights evolving investor confidence—so long as the model delivers tangible impact.
Looking Ahead
Bolt’s goal to capture a larger share of South Africa’s price-sensitive market relies heavily on sustainable, affordable options—making MyNextCar a vital player in shaping the future of urban mobility in the region.
As public and private sectors continue to recognize mobility as a key driver of employment and economic inclusion, MNC’s growth could redefine how affordable transportation and driver livelihoods are viewed in emerging markets.
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