Autocheck, a West African online market for second-hand passenger vehicles, has announced acquiring Moroccan startup Kifal, an online market for used vehicles, in a bid to strengthen its market footprint in North Africa.
The acquisition sets a precedent, as Autochek is the first West African country to enter the North African market, according to a statement reported in TechCrunch.
“From my first interaction with Nizar and his team at Kifal Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation,” said Etop Ikpe, CEO and co-founder of Autochek.
“They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa,” he added.
“There is so much we can learn from each other and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond,” Nizar Abdallaoui Maane, CEO and founder of Kifal explained.
He further pointed out that “Moroccos is a gateway into North Africa” and that he is “ confident” that with this new alliance, Kifal and Autocheck will “unlock new value and drive further transformation across the board.”
Kifal offers its services to individuals and organizations in Morocco looking to buy and sell used cars. The company’s signature product is cost-efficient and secure processing of car sales.
First founded in 2019, Kifal offers additional car-related services including access to financing and insurance among other services.
The Moroccan startup was first incubated by CDG Invest’s 212 Founders accelerator program, a state-backed program aiming to boost Morocco and Africa’s startup ecosystem.
Morocco’s automotive sector is projected to grow to $14 billion in five years’ time, which means the new acquisition will provide Autocheck with access to one of Africa’s most developed automotive markets.
