Shekel Mobility, a B2B mobility startup based in Nigeria has raised $7 million

Shekel Mobility, a B2B mobility startup based in Nigeria, has successfully raised $7 million in funding.

Ventures Platform and MaC Ventures were the primary investors in this round of funding.

The funding consists of more than $4 million in debt and $3.2 million in equity.

Among the other equity investors were Pioneer Ventures, Heirloom VC, Rebel Fund, Unpopular Ventures, Maiora Capital, PageOne Lab Inc., and Phoenix Investment Club.

Shekel is a neobank, trade, finance, and operations platform for car dealers that provides financing and management system software for auto dealerships. It was co-founded by Sanmi Olukanmi and Benjamen Oladokun.

According to an official announcement, Shekel Mobility has “powered transactions worth over $50M” to date. The mobility fintech startup has also reportedly worked with 1,300 vehicle dealers “to grow their inventories and triple their sales” through Shekel Credit, which offers fast credit of up to $200,000 for automobile purchases without collateral.

Marlon Nichols, MaC Venture Capital Founder and Managing Partner said: “Shekel Mobility has the potential to transform and ignite the automotive industry in Africa. The motivated executive team saw the opportunity in several African markets and created Shekel Mobility to finance and empower the automotive industry as well as uphold small businesses that require financing to survive. The team is enabling millions of dollars to move through the Nigerian economy and simultaneously providing locals with affordable automobiles.”

Kola Aina, the founding partner at Ventures Platform, noted that Shekel is building a crucial market-creating innovation that is important to expanding Nigeria and soon Africa’s automotive industry. 

The additional funds will be used to maintain Shekel Mobility’s remarkable development trajectory, expand into new markets, and improve its financial services.

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