Hakki has developed a credit-scoring system that uses alternative data sources like M-Pesa mobile money usage and ride earnings stability as parameters in determining how to provide affordable financing options for drivers looking to own vehicles.
Hakki Africa
Japanese mobility fintech that caters to taxi drivers in Kenya, Hakki Africa Inc. has announced the conclusion of a new funding round, a crucial milestone in the startup’s journey to profitability. Global Brain’s Flagship Fund (GB-IX) and the Norinchukin Innovation Fund L.P (NCIF) jointly led the funding round.
This investment comes off the back of a Series B funding round in 2023, during which Hakki secured 1.58 billion yen (approximately $10.6 million). That round was led by SBI Investment with participation from QR Investment (Hokkoku Financial Holdings), Deepcore, Hakobune, and Music Securities, alongside debt financing from an undisclosed Japanese megabank and Hokkoku Bank. The 2023 Series B funding took the company’s total funding rounds to 1.83 billion yen ($12.3 million). Investors in these earlier rounds included Samurai Incubate, Phals, and Headline Asia.
Japanese entrepreneurs Reiji Kobayashi and Koji Tokida founded the company in 2019, with the nascent Hakki Africa positioning itself as a major character in bridging Africa’s financial inclusion gap. It leverages alternative credit scoring and stable Japanese funding sources in its bid to expand its reach in Kenya while exploring opportunities in other African markets.
Taxi drivers in Africa have had to grapple with the problem of how to access affordable vehicle ownership. Taxi drivers across many African markets find it difficult to secure loans from traditional banks due to a lack of credit history or collateral, resorting to the unprofitable option of renting vehicles at high costs. Hakki has developed a credit-scoring system that uses alternative data sources like M-Pesa mobile money usage and ride earnings stability as parameters in determining how to provide affordable financing options for drivers looking to own vehicles.
By using technology to automate risk assessment and loan approvals, the company has managed to scale its operations efficiently, maintaining sustainable lending practices while mitigating default risks.
Global Brain, one of Japan’s most active venture capital firms, mentioned Hakki’s ability to build sustainable financial infrastructure in a complex and underserved market. The firm noted that Hakki’s profitability and operational efficiency were key drivers behind its investment decision.
Hakki’s expansion is not without strong competition in the African vehicle financing sector. Moove, a Nigeria-based vehicle financing startup backed by Japan’s Mitsubishi UFJ Innovation Partners, have also been scaling their presence across multiple African markets. In 2023, Uber and sovereign wealth fund Mubadala invested $100 million in Moove, reflecting growing investor interest in mobility fintech solutions designed for the African market. The latest funding will enable Hakki Africa to expand its lending portfolio, enhance its credit assessment technology, and potentially enter new markets where vehicle ownership remains a challenge due to limited financing options.
