Mobility Lender Gigmile Attracts $4 Million Investment
Gigmile Technologies, a fintech company focused on providing vehicle financing to gig workers in Africa, is closing a Series A round that includes up to $4 million from the International Finance Corporation (IFC), an arm of the World Bank Group.
Founded in 2022 by former Jumia executives Kayode Adeyinka and Samuel Esiri, Gigmile addresses a critical gap in the market: access to vehicle financing for gig economy workers who lack traditional collateral. The company’s Gamma Mobility platform offers lease-to-own financing for motorcycles, tricycles, and cars across 13 cities in Nigeria and Ghana.
How Gigmile Works
The core innovation lies in Gigmile’s risk assessment model, which bypasses conventional credit scores altogether. Instead, it evaluates potential borrowers based on:
- Vehicle usage data
- Trip regularity
- Integrated payment flows
- Verified earnings patterns through partnerships like Yango
This approach has enabled the company to achieve a 94% repayment rate on leases without requiring any traditional collateral.
Impact and Scale
In just four years, Gigmile has:
- Financed over $18 million in assets
- Supported more than 10,000 vehicles deployed
- Generated over $2 million in monthly rider earnings
- Maintained a 95% vehicle utilization rate
With 8,500 riders actively using the financed vehicles and an additional 1,500 who have completed their leases and now own their vehicles outright, Gigmile is demonstrably impacting livelihoods across West Africa.
The IFC’s investment signals confidence in this model and its potential to expand access to productive assets for underserved populations. The commitment aims to both support Gigmile’s growth and serve as a proof point for other investors seeking opportunities in the mobility fintech space.