Shekel Mobility, a Nigerian mobility fintech startup that provides financial services to local dealers and also powers cross-border transactions by connecting virtual dealers globally has raised $1.95M in pre-seed funding.
The over-subscribed funding round was led by Ventures Platform with participation from other strategic investors including Y Combinator, Voltron Capital, Zedcrest and other angel investors.
Commenting on the company’s solutions, Benjamen Oladokun, CBO and co-founder of Shekel Mobility, said: “Our goal is to ensure that every auto dealer in Africa and other emerging markets is able to access the right kind of capital to maximize the opportunities available”. As it stands, we have enabled local dealerships to grow their businesses 3x and we are pumped with a passion to see this grow exponentially.
Shekel Mobility offers a simpler, smarter, and faster way to launch and grow your car dealership locally or virtually. As a result of the extensive background of the founders in the mobility sector, the startup can take a realistic and practical approach to address issues in the automobile ecosystem. The major of which are access to credit for auto dealers and the digitization of their financial operations.
The mobility startup launched operations in January 2022 and has since grown to power $19M+ worth of transactions with over 1,000 dealers in their ecosystem. This traction, coupled with the validity of the business solution has gotten them selected for the Y Combinator Winter 2023 Batch.