Africa Gets $4M Boost for Taxi Drivers Who Can't Get Loans

Across Africa, drivers who want to work can't get the cars they need, while riders struggle to find available taxis. NeoFleet Capital just raised $4 million to fix that gap.

The Cyprus-based company finances vehicle fleets for professional taxi and ride-hailing drivers in Senegal, Côte d'Ivoire, and Peru. Founded in 2024 by Igor Shiyanov and Oleg Mosyazh, NeoFleet targets drivers and small fleet operators who traditional banks won't approve for loans.

The problem is real. Vehicles in Sub-Saharan Africa cost about 8% more than the global average, yet banks rarely have the credit models or appetite to finance taxi fleets. That leaves professional operators stuck without capital to grow their businesses.

NeoFleet stepped in with a practical solution. The company now manages 650 vehicles worth about $10 million across its three markets. Some deals involve financing established fleet operators who then own the vehicles, while others have NeoFleet buying the cars and renting them to drivers.

DMTech VC led the funding round, joined by private investors and Mark Loughran, former CFO of ride-hailing company inDrive. Loughran joined as president and co-founder, bringing deep mobility industry experience to the team.

The company protects its investments through careful screening, insurance requirements, and vehicle monitoring technology. When drivers fall behind on payments, NeoFleet works with them to restructure terms. If that fails, the company can recover and redeploy vehicles to other operators.

The $4 million will help NeoFleet expand quickly. The company plans to deploy 1,000 vehicles by the end of 2026 and 5,000 by the end of 2027, representing up to $100 million in vehicle value.

The Ripple Effect

Every new taxi on the road creates multiple wins. Drivers gain stable income to support their families. Riders get more reliable transportation access. Local economies benefit from improved mobility and job creation.

NeoFleet is evaluating more than 15 countries for expansion across Latin America, Africa, Southeast Asia, and the Middle East. The company is also building technology for autonomous vehicles, betting that the same infrastructure managing today's taxis will support tomorrow's self-driving fleets.

The long-term vision connects institutional capital with mobility assets at scale, creating a platform that grows as transportation evolves. Thousands of drivers who couldn't get traditional financing now have a path to vehicle ownership and economic opportunity.