OpenCharge is a Kenyan fintech revolutionising mobility by providing affordable financing for electric vehicles to ride-hail drivers. The CEO, Brian Njoroge, tells us more.
Tell us more about your company
OpenCharge is a Kenyan fintech that offers loan terms and free charging for the first year, making EV ownership accessible and sustainable, while reducing fuel costs and promoting a cleaner environment. We operate in the niche mobility fintech industry; leveraging digital credit to make electric vehicles affordable and accessible.
Who are the founders of OpenCharge?
The company was founded by myself and Pheneas Munene, who is the CTO. We are also the primary shareholders. I hold a controlling interest with 65% ownership, while Pheneas has a significant stake at 35%. This ownership structure reflects our respective contributions to the company’s founding and ongoing success.
We both are diverse with backgrounds in finance, technology, and entrepreneurship. Prior to founding OpenCharge, we worked in various roles at leading financial institutions and tech companies gaining invaluable experience in the automotive and financial sectors. This diverse skill set has been instrumental in developing our innovative approach to vehicle financing for ride-hail drivers.
Why did you start your company? What opportunities did you see?
We founded OpenCharge to address the challenges ride-hail drivers face in owning vehicles, particularly due to low access of affordable credit. We saw an opportunity in vehicle financing, offering a cost-effective solution for drivers to boost earnings while reducing environmental impact.
How is your company financed?
OpenCharge is primarily self-financed with a strategic focus on attracting a mixture of equity and debt finance from international investors that will provide us with the necessary capital and resources to expand our operations and offer innovative financial solutions to ride-hail drivers in Kenya and beyond.
What are – in your opinion, the dynamics in the industry you work in?
The mobility fintech industry in Kenya is rapidly evolving, driven by rising fuel costs, demand for cleaner transportation, and increased digital financial inclusion. We project strong growth in electric vehicle adoption in Kenya and across the East African region as drivers seek affordable financing to make the switch from petrol to electric vehicles. Innovation will be a key driver for this projected growth.
What problem/problems does OpenCharge solve?
OpenCharge solves the problem of low vehicle ownership among ride-hail drivers in Kenya, tackling high fuel and maintenance costs by offering affordable financing for electric vehicles which lowers operating expenses and improves sustainability for drivers while contributing to cleaner urban environments.
What can your company do that no other company can?
By providing affordable vehicle finance while growing a network of charging stations to support the growing EV fleet, we blend fintech and green energy to enable drivers to lower operating costs while supporting sustainable urban mobility.
Who are your customers?
Our customers are primarily ride-hail drivers in Kenya, seeking affordable electric vehicle financing options. We also target individuals looking to transition to electric vehicles by providing flexible financing and charging solutions tailored to their needs.
What does your company need in order to grow?
We require a robust financial foundation, in form of pre-seed funding, to scale effectively. This will enable us secure strategic partnerships with ride-hail platforms e.g Uber & Little Cabs, expanding our investor base and optimizing our risk management strategies. Additionally, the investor funding will enable us invest in technology infrastructure and talent acquisition to support our growth ambitions.
What is your growth strategy?
Our growth strategy is twofold: geographic expansion, whereby we plan to leverage our successful model in Kenya to enter other regional markets with similar ride-hail industry dynamics. Secondly, we are planning for product diversification, where we aim to offer additional financial products tailored to the needs of ride-hail drivers, such as vehicle insurance, as well as building a network of charging stations.
What are the ambitions of your company? Geographically, in which countries/markets are you looking to establish your presence?)
Our ambition is to become the leading mobility fintech company in Africa.
We plan to expand our reach beyond Kenya by entering key markets like Nigeria, South Africa, and Uganda. Our goal is to provide affordable vehicle finance solutions to ride-hail drivers across the continent, empowering them to achieve financial independence and contribute to the growth of the regional economy.
What are your plans for the coming 12 months?
Our primary goal for the next 12 months is to consolidate our market position in Kenya and initiate strategic expansion into neighbouring markets. We are particularly focused on enhancing our product offerings, strengthening partnerships with ride-hail platforms, and investing in technology to improve the customer experience.
