• With a vast $45.5 billion used car market but low car ownership, Shekel Mobility is revolutionizing the industry by helping auto dealers access credit, find vehicles, and manage their businesses through a B2B marketplace.
  • Shekel Mobility provides instant financing up to $200,000 with no collateral, helping dealers grow their inventory and boost sales.
  • Shekel Mobility has powered $98 million in transactions and aims to reach $10 billion annually by 2025, supported by $7 million in funding from Ventures Platform and MaC VC.

The African auto market is vast—so vast that it sometimes feels like the ultimate paradox. With a $45.5 billion used car market and millions of vehicles in demand, you'd think cars would be as common as palm trees.

But, here’s the kicker: car ownership across Africa sits at less than 43 cars per 1,000 people. Compare that to the global average of 203, and it's clear there's a slight gap here.

Founded in 2022 by Benjamen Oladokun, Sanmi Olukanmi, and Valentine Mayaki, Shekel Mobility is already revolutionizing the automotive landscape in Africa by focusing on the backbone of the industry—auto dealers.

Instead of just selling cars, they're helping car dealers find, finance, and sell more vehicles by creating a B2B marketplace. Their timing couldn’t be more perfect.

The demand for cars is on the rise, driven by urbanization and a growing middle class.

But as is the case with most industries in Africa, car dealers often face hurdles like limited access to credit and complex operations management.

The Founders' Vision: Fixing a “Minor” Problem

The founders of Shekel Mobility aren't strangers to this chaos. Oladokun and Olukanmi have spent years in the automotive industry, with their experience launching and exiting Eazypapers Technologies, a digital vehicle documentation platform.

Their combined expertise helped them realize a gaping hole in the market: dealerships were struggling not because there wasn’t a demand for cars, but because they couldn’t find an efficient way to manage their operations and secure financing.

It’s almost like trying to sell snow shovels in a snowstorm without a shovel for yourself.

So, what’s Shekel’s answer? They’ve created a platform where auto dealers can access credit, trade cars, and manage their entire business right from their mobile devices.

Yes, in case you were wondering, that includes everything from finding cars to selling them and paying bills.

Shekel Mobility is the automotive world's version of "There’s an app for that."

Solving Financing Problems—One Car at a Time

One of the most significant pain points for car dealers in Africa is financing. Banks generally aren’t lining up to hand out business loans to small dealerships, and when they do, the rates can be exorbitant.

Shekel Mobility addresses this head-on by offering financing that works for dealers. In fact, they offer instant financing up to $200,000 with no collateral, at low interest rates.

This allows dealers to grow their inventory without crippling debt. As a result, Shekel dealers have tripled their sales, increasing both the availability of cars and their affordability for consumers. It's a win-win.

Challenges in the Fast Lane

Of course, no startup grows without facing a few speed bumps. Shekel Mobility operates in an environment where infrastructure and logistical challenges can make scaling difficult.

With over 7,350 cars traded and more than $98 million in powered transactions, Shekel is clearly on track to reach that goal.

Recent funding rounds, including a $7 million investment led by Ventures Platform and MaC VC, have bolstered their growth trajectory.

And yes, they have their sights set on facilitating $10 billion in transactions annually by 2025. Modest goals, right?

These partnerships have allowed them to provide inventory financing while also facilitating secure cross-border transactions for auto dealers across Africa.

Not Just Another Startup

In a world where tech companies pop up daily with promises to "disrupt" industries, Shekel Mobility seems to be making a tangible difference.

By focusing on the dealers who fuel Africa's growing demand for cars, they're filling a crucial gap in the market.

Edited By Annette George