Gozem, the ride-hailing and fintech platform operating in Francophone West Africa, has raised $30 million to support vehicle financing and expand into new markets. This Series B funding round includes $15 million in equity and $15 million in debt, led by SAS Shipping Agencies Services and Al Mada Ventures.
Accelerated Growth and an Innovative Strategy
Since its launch in 2018 in Togo, Gozem has evolved from a simple ride-hailing service into a super app offering a wide range of services, including:
- Mobility: ride-hailing, passenger and freight transport.
- Vehicle financing: enabling drivers to purchase motorcycles, three-wheelers, and cars with income-adapted repayments.
- Digital banking: through Gozem Money, developed after acquiring Moneex in 2023.
- E-commerce and digital payments: integrating complementary services to enhance customer retention.
With nearly 10,000 registered drivers and over 1 million users, Gozem continues to expand across Togo, Benin, Gabon, and Cameroon and aims to raise an additional $20 million to accelerate its growth in Francophone Africa.
A Model Inspired by Asian Tech Giants
Gozem’s strategy mirrors that of Asian leaders like Grab and Gojek, which successfully combined mobility and financial services within a single platform. Unlike other African super-app attempts, Gozem has focused on vehicle financing as a key growth driver.
However, competition is fierce, with players like Moove and Asaak, backed by Uber, offering similar models. Gozem’s competitive edge lies in its ecosystem approach, integrating transport, digital payments, and e-commerce. This diversification could strengthen customer loyalty and solidify Gozem’s market position.
Investors Confident in Gozem’s Model
The backing from SAS Shipping Agencies Services (a subsidiary of the MSC Group) and Al Mada Ventures highlights investor confidence in Gozem’s potential. If the company achieves its growth targets, it could become one of the leading super apps in the mobility and fintech sectors in Francophone Africa.
With this funding, Gozem reaffirms its ambition to revolutionize transportation and financial services in Africa by combining technology, financial inclusion, and innovation.
