Naran Raises $10M to Expand Mobility Fleet Financing

UAE mobility fintech Naran has raised $10M from Landel to expand its innovative mobility fleet financing and infrastructure across Africa, Latin America, and MENA. The funding will support Naran's fleet expansion in Colombia, Peru, Senegal, and Côte d'Ivoire, while also funding its entry into additional markets and the rollout of new fintech products.

Founded in 2025 by Bayaskhalan Alexeev and Alexander Gubarev, both former Yango executives, Naran provides rent-to-own financing for cars and motorcycles to independent drivers. The company offers financing terms ranging from 12 to 60 months, enabling drivers who may not qualify for traditional bank loans to access vehicles and generate income through ride-hailing and delivery platforms.

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Naran purchases vehicles directly from manufacturers and works with major mobility platforms, including Yango and inDrive, to put financed vehicles and drivers onto their networks. Each financing contract creates a repayment history for the driver, potentially providing a foundation for access to additional financial products in the future.

Scaling Mobility Fleet Financing

Naran is positioning its model as an asset-backed financing platform for emerging markets, where vehicles provide collateral while repayment data helps inform future credit decisions. CEO Bayaskhalan Alexeev noted that the company is addressing a financing gap affecting mobility workers who often struggle to access traditional credit due to irregular income.

“Our goal is to make vehicle ownership accessible to mobility entrepreneurs, helping them increase their income and build financial security,” Alexeev said. He added that Naran also addresses a major challenge for ride-hailing and delivery platforms: vehicle supply.

Every vehicle financed represents another driver capable of joining a mobility platform, creating a model that connects financial inclusion with infrastructure. The company has developed its own fleet-management system to manage operations, driver onboarding, payment scheduling, and vehicle telematics across multiple markets.

Building a SaaS Mobility Infrastructure

The company intends to offer fleet-management software and automation tools to third-party fleet operators as a SaaS product. This creates a multi-fleet model in which independent fleet operators can become customers rather than competitors. By combining asset-backed financing with technology, Naran aims to help these operators scale efficiently.

Africa is central to Naran's expansion strategy as demand for ride-hailing and delivery services grows across major urban markets. The company points to the high level of informal employment across sub-Saharan Africa as one reason traditional vehicle financing remains difficult for many workers.

Research shows that ride-hailing drivers in Africa can earn substantially more than workers in comparable-skill occupations, reinforcing the potential economic impact of improving access to vehicles. With Africa's shared-mobility market expected to grow significantly by 2030, Naran sees a clear opportunity to scale its asset-backed model.

Future Growth and Strategic Impact

Aidar Musin, Managing Partner at Landel, highlighted the company's use of revenue-generating, GPS-tracked vehicles as collateral. The investment provides Naran with additional capital to build the infrastructure required for its next phase of growth. Naran aims to operate across 10 countries by 2030, with targets of creating 30,000 income opportunities and deploying significant car and motorcycle fleets.

Why it matters to Africa

Naran's $10 million raise highlights an important gap in Africa's mobility economy: access to vehicles. Millions of workers rely on informal income, making traditional vehicle financing difficult even when ride-hailing platforms offer viable income opportunities.

By financing vehicles and using the resulting repayment data to build financial profiles, Naran is attempting to turn vehicle ownership into an entry point for broader financial inclusion. Its expansion also reflects growing investor interest in fintech models that combine real-world assets with digital financial infrastructure.

If the model scales, the impact could extend beyond putting more vehicles on African roads. It could help mobility workers build formal repayment histories, access future financial products, and increase their earning potential.