Mr Viral
Hakki Africa, (Hakki), a Japanese microlender in the auto industry in Kenya, has raised $12.7 million to launch in South Africa and India to enable taxi drivers access to affordable vehicle ownership.
The new funding round was co-led by Global Brain’s Flagship Fund IX (GB-IX) and the Norinchukin Innovation Fund L.P. (NCIF) to develop a proprietary credit-scoring algorithm that leverages alternative data sources for funding to increase car ownership among drivers who mostly hire cars expensively.
Founded in 2019 by Reiji Kobayashi and Koji Tokida, Hakki Africa will now expand into South Africa and India to bridge the financial inclusion gap in these markets.
Hakki Africa will also expand its lending portfolio to more car varieties, bolster its credit assessment tech and refine its model to reach more taxi drivers. In 2023, Hakki Africa secured $10.6 million Series B funding round led by SBI Investment with participation from QR Investment (Hokkoku Financial Holdings), Deepcore, Hakobune, and Music Securities, alongside debt financing from an undisclosed Japanese megabank and Hokkoku Bank.
Recently, Bolt and Hakki Africa partnered to deploy 1,500 vehicles over the next 18 months to drivers on Bolt’s platform via loan down payments and incentives based on their performance through Hakki Africa’s credit scoring system. Bolt and Hakki Africa said the deal will provide the opportunity for vehicle ownership by making financing more accessible for a greater number of new and existing drivers on the platform.
Totally, Hakki Africa has raised $12.3 million plus earlier rounds from Samurai Incubate, Phals, and Headline Asia. Hakki Africa will take on Moove, a similar startup doing vehicle financing across Africa and around the world. Unlike other finance providers in Kenya, Hakki has become increasingly preferred because if its better credit terms, accessibility and great driver relations.
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