The deal comes as part of the Nigerian startup's M&A-focused expansion plans across North Africa.
Moroccan autotech startup, KIFAL Auto, has been acquired by Nigerian counterpart, Autochek, as part of the latter’s acquisition-focused expansion plans into North Africa.
Considered a leading auto-marketplace in Morocco, KIFAL Auto was founded by Nizar Abdalaoui Maane in 2019, and has since made a mark with its platform, which connects car buyers and sellers, while offering services such as 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,” Maane said. “There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation 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 that we can unlock new value and drive further transformation across the board.”
The acquisition comes as part of Autochek’s M&A-focused expansion plans and follows the firm’s 2021 acquisition of Checki Kenya and Uganda. With the acquisition and subsequent expansion, Autochek will now be present in six countries across East, West and North Africa.
“From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation,” Autochek co-founder and CEO, Etop Ikpe, They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing 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.”
Autochek will now expand its 1,500 dealers and 70-plus banking partners, though details of their entry into Morocco have yet to be disclosed.