Nigerian startups Autochek and Okra have partnered in order to offer users of the former access to digital car loans facilitated by the latter.
Autochek aims to build digital solutions that will enhance and enable a seamless and safe automotive commerce experience across Africa, starting with Nigeria and Ghana.
It plans to use technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after sales support and warranties.
The startup only launched in September but has already acquired automotive marketplaces Cheki Nigeria and Cheki Ghana, as well as raised a US$3.4 million pre-seed funding round. It has also commenced operations in Accra, Ghana.
It has now partnered with Nigerian fintech startup Okra to assist with the financing side of its operations.
Launched in January 2020, Okra is an API creating a secure portal and process to exchange real-time financial information between customers, applications and banks. The company is Africa’s first API “super-connector”, and raised funding from TLcom Capital last April.
Okra’s bank statement service extends to both individual customers as well as small and medium enterprises. Its partnership with Autochek has established a truly digital auto loan offering for customers, allowing Autochek to verify customer identities, retrieve customer bank statements, and receive loan payments.
“At Autochek, we have pioneered the first of its kind 100 per cent digital lending marketplace which allows the customer to apply and receive multiple offers from over 15 leading financial institutions. One of the key requirements for banks to deliver offers is access to customer’s bank statements digitally. Okra has enabled the digital transfer of statements to lenders without the need for the customer to visit the bank and go through the hassle of printing and stamping statements,” said Chetan Seth, chief technology officer (CTO) at Autochek.