Naran, a mobility fintech startup founded by two former Yango executives, has raised $10 million in equity and debt financing from UAE-based investment firm Landel. This funding will help Nar
Naran, a mobility fintech startup founded by two former Yango executives, has raised $10 million in equity and debt financing from UAE-based investment firm Landel. This funding will help Naran expand its vehicle financing operations across Africa and Latin America.
The company plans to support fleet expansion in Senegal, Côte d’Ivoire, Colombia, and Peru. Additionally, the funding will facilitate Naran’s entry into the Middle East and North Africa (MENA) market, as well as the rollout of new fintech products.
Founded in 2025 by Bayaskhalan Alexeev and Alexander Gubarev, Naran addresses a significant challenge in Africa’s growing ride-hailing and delivery economy: many drivers have access to customers and platforms but lack the means to purchase the vehicles they need to work.
Instead of requiring drivers to buy vehicles outright, Naran employs a rent-to-own model that enables mobility entrepreneurs to access cars and motorcycles for periods ranging from 12 to 60 months. The company purchases vehicles directly from manufacturers and collaborates with platforms such as Yango and inDrive to deploy the financed vehicles for service.
Naran is financing drivers, not just vehiclesNaran offers more than just cars or motorcycles; it has developed its own fleet-management technology. This system helps manage driver onboarding, payment schedules, vehicle usage, telematics, and maintenance across different markets. It allows Naran to monitor the vehicles it finances while also providing ride-hailing companies with insights into vehicle usage.
For drivers, the process is simple. Those who can’t afford to buy a car can enter into a long-term agreement to use a vehicle, earn income, and eventually work towards ownership. For ride-hailing companies, having more financed vehicles means more available drivers, which is crucial as the ride-hailing industry grows in emerging markets.
Naran expects the number of ride-hailing users in Africa to reach 268 million by 2029, with less than 20% currently using these services. This indicates a lot of potential growth, but it requires enough vehicles and drivers to meet the demand.
Additionally, Naran plans to offer its fleet-management technology to third-party operators as a software-as-a-service solution. It also aims to provide financing to fleet operators looking to expand and may acquire operators when it makes financial sense. This positions Naran as more than just a vehicle financier, becoming a vital part of the infrastructure for mobility businesses.
The financing issue is especially crucial in Africa, where many workers are in informal employment and face challenges accessing traditional credit. According to the International Labour Organisation, nearly 88% of jobs in sub-Saharan Africa are informal, making it hard for individuals with unstable incomes or poor credit histories to secure vehicle loans.
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Naran believes that its data on repayments and vehicle usage can help address this challenge. Each financed vehicle provides useful information that could support various asset-backed financial products in the future.
With Landel’s investment, Naran can fund more vehicles and is focused on building a strong financial and technology platform around them. The company aims to operate in 10 countries by 2030, create 30,000 income opportunities, and finance 10,000 cars and 20,000 motorcycles. Currently, it operates in Côte d’Ivoire, Colombia, Senegal, and Peru, with plans to expand into Paraguay by September 2026.
Bayaskhalan Alekseev, CEO and co-founder of Naran. The key question for Africa’s mobility market is whether financing can keep up with demand. More people want to drive for ride-hailing and delivery services, but without affordable vehicle access, many remain unable to participate. Naran hopes that combining financing, fleet technology, and partnerships with platforms can change this.
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