Naran Secures $10 Million to Expand Mobility Fintech Across Latin America and Africa

Quick Summary

Naran, a UAE-based mobility fintech, has raised $10 million in equity and debt from Landel to scale its asset-backed financing platform. The company provides rent-to-own vehicle financing for ride-hailing drivers in emerging markets, including Colombia, Peru, Senegal, and Côte d'Ivoire, addressing critical credit gaps for underbanked entrepreneurs.

How Does Naran Solve the Financing Gap for Mobility Entrepreneurs?

Naran addresses the lack of traditional bank access for ride-hailing and delivery drivers by providing rent-to-own financing for cars and motorcycles. In emerging markets where 88% of employment can be informal, Naran uses its own fleet management system to track utilization and telematics, creating a formal repayment history for drivers. This asset-backed mobility fintech model allows drivers to access vehicles through flexible terms ranging from 12 to 60 months.

• $10 million raised in equity and debt financing.
• Targeting 30,000 income opportunities by 2030.
• Fleet goals of 10,000 cars and 20,000 motorcycles by 2030.
• Operations currently in Colombia, Peru, Senegal, and Côte d'Ivoire.

What Role Does Technology Play in Naran's Scaling Strategy?

The company has developed a proprietary fleet management system that automates driver onboarding, payment scheduling, and maintenance tracking. This technology stack is not limited to Naran's own operations; the company plans to offer it as a SaaS product to third-party fleet operators. By providing internal automation tools and asset-backed debt financing to other operators, Naran transforms potential competitors into customers while maintaining a consistent operating model across diverse geographies like Latin America and Africa.

“We address a critical financing gap in emerging markets, where ride-hailing and delivery drivers can't access traditional bank loans due to irregular income or limited credit histories. Our goal is to make vehicle ownership accessible to mobility entrepreneurs, helping them increase their income and build financial security. At the same time, we solve the biggest constraint for ride-hailing and delivery platforms in these markets: supply. Every vehicle we finance is an active driver added to our partners' marketplaces,” said Bayaskhalan Alexeev, CEO and co-founder of Naran.

How Does This Partnership Benefit Ride-Hailing Platforms?

For major platforms like Yango and inDrive, Naran acts as a supply engine that delivers vetted, onboarded drivers along with financed vehicles. This partnership model helps platforms overcome supply constraints in high-growth regions where ride-hailing usage is expanding rapidly. In Africa, where drivers can earn up to 130% more than in comparable-skill jobs, Naran's infrastructure ensures high fleet utilization by sharing data with partners to maximize hours on the road.

“Naran is a rare combination in emerging markets: an asset-backed business where every dollar deployed is secured by a revenue-generating, GPS-tracked vehicle, run by a team with deep operational experience in these exact markets. The model generates hard collateral, daily cash flows, and proven unit economics – and the fleet management infrastructure behind it makes the model scalable well beyond the company's own fleet. We look forward to supporting Naran's next phase of growth across Latin America and Africa,” said Aidar Musin, Managing Partner at Landel.

FF NEWS TAKE:

Naran's $10 million raise highlights a significant shift in how asset-backed mobility fintech can drive financial inclusion. By focusing on the 'supply' side of the gig economy, Naran isn't just lending; they are building the infrastructure for emerging market credit. The move to offer their fleet management system as a SaaS product is particularly shrewd, potentially turning a capital-intensive business into a high-margin technology play that moves the needle for regional mobility.