HAKKI Africa Secures $680,000 to Expand Used Car Loan Operations in Kenya
HAKKI Africa, a Japanese firm specializing in used car loans, has successfully secured ¥100 million (approximately $680,000) in funding. This capital injection, provided via an unsecured credit line from Shoko Chukin Bank, is earmarked to strengthen the company’s used car loan business in Kenya, where demand for such financing is reportedly high. Despite some borrowers expressing concerns about the potentially high cost and exploitative nature of the loans, HAKKI Africa is positioning itself as a key financial access point for Kenyan drivers, particularly those unable to meet the stringent requirements of traditional banks.
Fueling Kenya’s Taxi Sector and Beyond
The funding will primarily serve as working capital to facilitate an increased supply of used car loans. HAKKI Africa’s operations in Kenya focus on a segment of drivers who may face challenges providing the comprehensive financial documentation or large down payments often required by established financial institutions. Founded in 2019, the company’s stated objective is to “increase the number of people who increase possibilities,” by supporting vehicle ownership among gig economy workers and contributing to income stability and economic advancement. This approach specifically targets the taxi economy and other sectors that rely on vehicular mobility.
Keywords
Related Keywords: HAKKI Africa, used car loans, car financing, African startups, tech funding, seed funding, 680, 000 investment, auto loans, HAKKI Africa investment, TechMoran
