Mobility tech Naran raises USD 10 mn

UAE-based mobility fintech Naran raised USD 10 mn to expand its vehicle financing platform for ride-hailing and delivery drivers across Africa and Latin America, according to a press release (pdf). The investment came through a mix of equity and debt from UAE investment firm Landel.

About Naran: The startup offers rent-to-own financing for cars and motorcycles, targeting drivers who struggle to access traditional auto credit, primarily in emerging markets. The company is looking to scale up its fleet in Colombia, Peru, Senegal and Ivory Coast and expand into MENA, among other markets.