A Nigerian mobility fintech company called Shekel Mobility has secured $1.95 million in pre-seed investment to provide financial services to local dealers and facilitate international transactions by linking virtual dealers around the world. Y Combinator, Voltron Capital, Zedcrest, and other angel investors joined Ventures Platform in leading the oversubscribed investment round.
Shekel Mobility offers a simpler, more efficient, and quicker way to open and expand a physical or online vehicle dealership. The founders' extensive experience in the mobility industry allows the company to take a grounded, practical approach to solving problems in the automotive ecosystem. Two of the most pressing issues are expanding car dealers' access to financing and modernizing their accounting processes through digital means.
Shekel Mobility's Chief Business Officer and Co-Founder, Benjamen Oladokun, stated, "Our goal is to ensure that every auto dealer in Africa and other emerging markets has access to the right kind of capital to maximize the opportunities available." So far, we have enabled local dealerships to grow their businesses by 3x, and we are driven by a passion to see this grow exponentially.
Since beginning operations in January 2022, the mobility company has expanded to include over 1,000 dealers in its ecosystem, powering transactions totaling more than $19 million. Because of this success and the soundness of their business plan, they have been accepted into the prestigious Y Combinator Winter 2023 Batch.
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