Nigerian startups Okra and Autochek partner to offer car loans to customers

NIGERIA – Fintech startup Okra has partnered with Autochek, an automotive technology startup, to offer users of the latter access to digital car loans facilitated by the former.

Okra’s partnership with Autochek will establish a 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,” said Chetan Seth, chief technology officer (CTO) at Autochek.

“We’re excited to power the company (Autochek) making this possible by allowing them to assess credit risk in a way that simply hasn’t existed in the past.”

David Peterside – COO, Okra

“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.”

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.

“Fair and flexible car payment schedules should be available to consumers at scale in Africa. We’re excited to power the company (Autochek) making this possible by allowing them to assess credit risk in a way that simply hasn’t existed in the past,” David Peterside, COO at Okra.

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.

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