In a move that signals a new chapter for African-focused mobility fintechs, Japan’s Hakki Africa is plotting a strategic leap from Nairobi to Bangkok. Fresh off a profitable quarter and a 1.97 billion yen ($12.7 million) funding round, the company is actively recruiting a Country Manager to lead a zero-to-one launch in Thailand, Launch Base Africa has learned..
This pivot to Southeast Asia hints at a growing trend: African mobility fintech startups, having honed their models in the complex markets of Nairobi, Lagos, and Kampala, are now looking abroad for their next act. Hakki’s expansion comes alongside similar moves by peers like Uganda’s Asaak, which acquired Mexican startup FlexClub in 2023, and Moove, which is deepening its global fleet management partnership with Waymo.
For Hakki, the playbook is simple: replicate, adapt, and conquer. The company’s core mission — freeing ride-hailing drivers from costly vehicle rentals by providing micro-loans — is as relevant in the tuk-tuk-lined streets of Bangkok as it is in the matatu-choked roads of Nairobi.
The Thai Gambit: A Calculated Bridge to Asia
The job description for the new Thailand chief reads like a corporate builder’s wish list: secure financial licenses, forge a vehicle procurement network, localize the Kenyan credit model, and recruit an entire local team from scratch. The centrepiece of the launch strategy is a planned pilot with none other than Bolt — a familiar partner from its African operations.
The logic is compelling. Thailand presents a “Goldilocks” market for Hakki’s model. The fundamental pain point is identical: a vast pool of drivers for platforms like Bolt and Grab are locked out of traditional auto finance, forced to hand over a significant chunk of their daily earnings to rental masters.
“It’s the same problem, just with better infrastructure,” one founder familiar with the space told Launch Base Africa. “You have a mature gig-economy for data, a robust used car market they call the ‘Detroit of Asia,’ and a regulatory environment that, while not simple, is at least navigable. It’s a logical first step before tackling more complex Asian giants.”
The move is a clear signal that Hakki’s backers — a consortium of Japanese VCs and banks including Global Brain and Norinchukin Innovation Fund — see more growth in applying the model geographically than in merely deepening its footprint within Africa.
Hakki faces stiff competition even in its home market. Moove has operated in Kenya since 2021 and has substantially deeper pockets, with backing from Japan’s Mitsubishi UFJ Innovation Partners in addition to Uber and Mubadala. The company’s expansion into autonomous vehicle fleet management suggests it’s playing a different, potentially more scalable game.
The vehicle financing space in emerging markets is also becoming crowded with both local and international players, many offering similar alternative credit scoring approaches. Hakki’s differentiator — Japanese funding stability and patient capital — may matter less than execution speed in new markets.
A Broader Trend: The African-Proven Model Goes Global
Hakki is not alone in looking beyond the continent. The African mobility fintech scene is increasingly export-oriented.
- Asaak’s Latin Leap: Ugandan fintech Asaak acquired Mexican startup FlexClub in 2023, using the move as a beachhead into the Latin American market.
- Moove’s Global Fleet Ambitions: Moove, while expanding within Africa, has also positioned itself as a global fleet operations partner for autonomous vehicle leader Waymo, now managing its electric robotaxis in the U.S. and soon in London.
The rationale is one of sustainability and scale. These startups have mastered the art of underwriting risk in environments with thin formal credit data — a valuable and transferable skill. Having proven unit economics and reached profitability, as Hakki claims, the pressure from investors shifts to finding new, large markets to deploy capital and fuel growth.
“The African market is vast, but it’s also fragmented and capital-intensive,” added the founder. “When you’ve built a hammer that can crack tough nuts, you start looking for other tough nuts. Southeast Asia and Latin America appear the obvious candidates.”
Localization is Key
The success of Hakki’s Thai foray is not guaranteed. The job listing hints at the immense challenges: the “localization of the Kenyan model” is the critical first step. Swapping M-Pesa data for Thai banking or ride-hailing platform APIs is a non-trivial task. Navigating the Kingdom’s financial licensing regime will require patience and local legal savvy.
Furthermore, building a “hybrid management structure of head office x local subsidiary” is often the most delicate part of any cross-border expansion — a theme Hakki itself identifies as its “most important for 2025.”
For now, Hakki Africa is betting that its experience in Kenya has provided the perfect training ground for the chaos and opportunity of another emerging market. If its gamble pays off, Thailand will become more than just a new revenue stream; it will be the blueprint for an Asian empire, proving that the models forged in Africa’s competitive crucible are ready for the world stage.