Why We Invested in Social Bridge Finance (SOBRIDGE SARL) — Democratizing Vehicle Ownership for Taxi and Minibus Drivers

In January 2023, Moja Ride — an inclusive mobility as a service company — launched SoBridge, a rent-to-own program that provides a path to asset ownership for taxi and minibus drivers in Cote d’Ivoire who are often excluded from accessing car loans from conventional banks.

SoBridge partners with transportation networks and ride-hailing companies like Moja Ride, Yango, and Uber to gather for evaluating a driver’s credit risk. The company aims to put 5,000 vehicles in Abidjan — the country’s economic hub, including expanding its operations into electric vehicles. The program is currently live in Abidjan, Côte d’Ivoire, with a waiting list of over 1400 drivers and growing daily. The company has also signed an LOI to deploy in Dakar in 2024.

The partnership with Untapped is a significant milestone in SoBridge’s vision to lead the asset financing market in Francophone Africa.

Impact

The explosion of the ride-hailing business in West Africa has created a great opportunity for mobility fintech startups like SoBridge to digitize and transition taxi operators across the region into the formal economy. The ride-hailing industry is estimated to achieve a market volume of $939 million by 2024, allowing SoBridge to create considerable economic and social impact for drivers in Côte d’Ivoire.

Alongside offering a pathway to ownership and reducing operational friction, the company has built a strong ecosystem of partnerships with adjacent industries, such as dealerships and insurance companies, to secure preferential prices for their drivers. The company also works with certified repair shops to prioritize maintenance for SoBridge vehicles, thus keeping their drivers on the road.

The company has earned a strong reputation within Côte d-Ivoire’s ride-hailing industry, which helps drivers gain credibility and evolve into independent, formally banked taxi entrepreneurs. SoBridge hopes to extend this service to drivers across West Africa, transforming the region’s mobility sector into a formal industry with increased vehicle ownership. The company is digitizing the full value chain of the transportation industry to accelerate growth while protecting the assets and the bottom line.

SoBridge is heavily investing in payment technology and vehicle health solutions as a key driver of growth.

Smart Asset Financing™ with SoBridge

Untapped has partnered with Sobridge to finance taxi vehicles to add to the company’s growing fleet. “We believe in the capacity to scale their offering, as well as the strategic synergies between MojaRide and SoBridge, which provides drivers with the financial means to own their taxis eventually.” Head of Investments Africa at Untapped David Kleiterp notes that MojaRide is “creating employment and a path to asset ownership for individuals who would otherwise not be able to own cars,” adding that “three mayors in Senegal are eager to welcome SoBridge’s solution.”

Untapped’s Smart Asset Financing model finances tech-enabled assets that generate data on revenues and payments to de-risk their investments. This enables Untapped to make informed investment decisions while supporting impact-driven companies like SoBridge that drive entrepreneurship and innovation. SoBridge’s data-led business model is a clear fit for the Untapped strategy.

Speaking on SoBridge’s team, David Kleiterp notes, “Untapped is confident in the founders. They are supported by a strong local team motivated by the company’s impact on the communities they serve across Cote d’Ivoire. This includes making drivers bankable and providing a viable path to asset ownership.” The upcoming SoBridge Mobile App comes with a prepaid debit Visa card to serve the banking needs of the drivers as well as facilitate their rent payment process.

About Untapped Global

Untapped is reshaping profitable investing in emerging markets. We offer data-driven investment opportunities for global investors to finance high-growth businesses across emerging markets. Our innovative Smart Asset Financing investment model tracks the usage and revenue streams of productive assets in real-time, offering investors transparent, secure, and profitable opportunities to invest and grow community wealth in emerging markets.

We provide asset financing for tech enabled companies in emerging markets. For more information, reach out to our team at info@untapped-global.com