Francophone Africa’s Super App Gozem Secures $30M for Expansion

Gozem, a rising super app in Francophone Africa, has secured $30 million in Series B funding to enhance its vehicle financing and digital banking operations. The fresh investment, a mix of equity and debt, was spearheaded by SAS Shipping Agencies Services, a subsidiary of MSC Mediterranean Shipping Company SA, alongside Al Mada Ventures.

Expanding Financial Services and Market Reach

With this funding, Gozem aims to provide affordable vehicle financing, making it easier for drivers to own vehicles and improve their earnings. The company also plans to enter new markets, bolstered by strategic backing from MSC Group and Al Mada Ventures. This expansion aligns with Gozem’s mission to strengthen financial inclusion and mobility solutions in the region.

Since its launch in 2018 in Togo, Gozem has evolved beyond its initial motorcycle taxi service. Now operational in Togo, Benin, Gabon, and Cameroon, the platform offers ride-hailing services for motorcycles, tricycles, and cars, as well as food and grocery deliveries.

Strengthening the Fintech Ecosystem

Gozem’s latest funding round underscores its commitment to fintech innovation. The app already enables users to make bill payments, conduct peer-to-peer money transfers, and make purchases within and beyond the Gozem ecosystem. This push into digital banking was accelerated by its 2023 acquisition of Moneex, a Beninese fintech startup specializing in electronic payments.

Vehicle financing remains a cornerstone of Gozem’s strategy. In 2022, the company secured a $10 million investment from the International Finance Corporation (IFC) to facilitate vehicle ownership in Togo and Benin. Within the first eight months of its leasing program, Gozem provided nearly 1,500 vehicles, with ambitions to scale up to 200,000 vehicles over the next three years.

Investor Confidence in Gozem’s Growth

The substantial funding highlights investor confidence in Gozem’s inclusive business model. Omar Laalej, Managing Director at Al Mada Ventures, praised the super app’s user-friendly approach, expressing enthusiasm for its future expansion.

As Gozem continues to broaden its services and reach, it remains focused on leveraging technology to deliver accessible, secure, and efficient solutions tailored to Africa’s unique challenges. With new capital and strategic partnerships, Gozem is set to reinforce its position as a leading super app, driving innovation and financial empowerment across the continent.