Gigmile, the Lagos- and Accra-based mobility financing startup, has closed its seed funding round and released its 2025 Impact Report an unusual dual announcement that underscores both its commercial momentum and its growing influence in West Africa’s informal economy.
Founded in 2022, the company has built what co-founder and CEO Kayode Adeyinka calls “a practical pathway to ownership for people who have been systematically locked out for years.” In a region where most gig workers lack formal credit histories and are therefore cut off from traditional lenders, Gigmile has emerged as a rare financial gateway.
Its model is simple, but transformative, giving gig workers affordable access to motorcycles, tricycles, and cars through a lease-to-own system, backed by insurance, maintenance and regulatory support. The company’s flagship product, Gamma Mobility, caps daily repayments at one-third of a worker’s expected income a threshold designed to keep repayments manageable even on unstable earnings.
An Innovative Response to an Old Barrier
Across Africa, millions depend on ride-hailing apps, last-mile delivery platforms, and informal logistics jobs to earn a living. Yet most cannot acquire the basic asset required to participate: a vehicle. Gigmile’s approach targets this structural inequality head-on, offering what investors describe as “credit rails for the underserved.”
Globally, interest in inclusive mobility financing is rising. Markets from India to Brazil have seen similar models take root, usually in areas where informal work dominates and asset ownership directly affects income stability. Gigmile’s rapid adoption suggests Africa may prove one of the world’s most fertile regions for such innovation.
Impact at Scale
The newly released 2025 Impact Report offers a rare, data-backed glimpse into how such models can shape local economies when deployed at scale. To date:
- 10,000+ vehicles have been financed
- 15,000 gig workers now have access to consistent employment
- Riders collectively earn over $2 million per month through the platform
- 1,500 workers have already become full vehicle owners
- Repayment rates stand at 94%, with 95% vehicle utilization
For a sector long seen as high-risk, these metrics challenge conventional assumptions. They also reflect what Adeyinka describes as “a business built not on charity, but on designing systems that work for people as they are.”
Backed by Global Investors and Strong Partnerships
The seed round which includes follow-on investment from ENZA Capital, alongside participation from Seedstars International Ventures and Norrsken Africa Fund, brings the company’s total raise to $21 million in debt and equity.
Investors point to Gigmile’s capital efficiency and operational model as key reasons for backing. The company has proven that financial inclusion and profitable lending can coexist.
Supporting this growth is a network of partnerships with major vehicle manufacturers Yamaha, TVS, Bajaj and Hero ensuring a reliable flow of high-quality vehicles suited to West Africa’s demanding road conditions. Gigmile now operates in 13 cities across Nigeria and Ghana.
Expansion Plans and the Push for Clean Mobility
The company is preparing for its next growth cycle, with plans to enter 15 new cities within the next year. Its internal leasing automation engine, constantly refined using operational data, is expected to play a central role in scaling efficiently.
Gigmile is also broadening its reach beyond gig workers. Upcoming offerings include:
- Personal mobility leasing for salaried workers
- Embedded finance products
- Electric and CNG vehicle financing, aligned with its clean mobility roadmap
The company aims to finance over $100 million in assets by 2027, positioning itself as a major player in Africa’s transition towards low-emission transport.
A Blueprint for African Entrepreneurship
Gigmile’s story reflects a wider movement sweeping across Africa: a wave of entrepreneurs designing solutions that are commercially viable and socially consequential. At a time when global markets are increasingly scrutinising the social performance of capital, startups like Gigmile are making the case that African innovation can set global benchmarks, not just follow them.
The company’s trajectory also signals a shift in how investors view Africa’s informal economy not as a risk to be contained, but as a vast opportunity when paired with technology and thoughtful design.
As the company prepares for Series A discussions in 2026, its leadership argues that the continent is ready for a redefinition of asset ownership.
“We are proving that inclusion is not an aspiration,” Adeyinka said. “It is a system and systems can scale.”
With strong demand, rising investor confidence and a model already showing measurable social and economic returns, Gigmile appears well-positioned to shape the future of mobility financing in Africa and beyond.
