SafeBoda raises funding from GO-JEK to venture into mobile payments

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SafeBoda, a ride-hailing platform with plans to offer reliable and safe transportation to its customers is venturing heavily into mobile payments and insurance after raising an undisclosed Series B round co-led by Allianz X, the digital investment unit of the Allianz Group, Go-Ventures, an arm of GO-JEK.

This is Allianz X’s first investment in an African-headquartered company. Allianz and GO-JEK are already partners in GO-JEK’s home market of Indonesia.

“Our investment in SafeBoda underlines our continued commitment to growth markets. We are excited to participate in the development of ride hailing ecosystems in Africa,” said Oliver Ullrich, Corporate Development Director at Allianz X. “SafeBoda has successfully established itself in the ride hailing market in Uganda and we look forward to supporting the company’s expansion into additional countries and services.”

Allianz intends to leverage its regional presence and capabilities, working with SafeBoda to transform transportation, logistics, and payment sectors in Africa, starting in Kampala, Uganda and Nairobi, Kenya.

SafeBoda was founded in Kampala, Uganda.

“SafeBoda is excited to have Allianz X join our investor group, particularly as we deepen our platform and add a number of important FinTech services for both SafeBoda drivers and passengers,” said Alastair Sussock, Co-CEO and Co-Founder of SafeBoda. “We are confident that collaborating with Allianz will enable us to grow the business and impact the wider community across East and West Africa.”

“SafeBoda is a promising start-up with substantial growth potential, including the development of relevant financial services and insurance products,” said Coenraad Vrolijk, CEO of Allianz Africa. “We look forward to our strategic collaboration and to being part of SafeBoda’s success story.”