← Embedded Finance Index 2026

Ampersand

“Can a vertically integrated EV energy platform — combining hardware, software, and embedded financing — make electric motorcycle transport cheaper and more profitable than petrol for East African riders at scale?”

Founded2016
HQKigali, Rwanda (also Nairobi, Kenya)
Total raised$43.3M
IndustryE-mobility / Clean Energy
The story

Founded in 2016 as an EV energy tech company focused on East African motorcycle taxi (boda boda / moto taxi) riders, Ampersand built a vertically integrated system of purpose-built electric motorcycles, swappable battery packs, swap stations, and its proprietary AmperOps fleet-management AI. The business model embeds vehicle financing and leasing directly for riders — replacing petrol cost and upfront vehicle ownership with a pay-as-you-drive subscription — making clean mobility economically superior to petrol alternatives. By 2024, the company had scaled to 5,000+ e-motos and positioned itself as Africa's leading EV energy tech company.

Last 12 months
2024-12
Product timeline
2016
Founded and began testing electric motorcycle prototypes in Kigali, Rwanda.· pivot
2019
Commercial launch with 3 battery swap stations across Kigali and a fleet of 20 e-moto taxis.· banking
2021
Scaled to 60 vehicles in commercial operation.· banking
2022
Expanded to Kenya with first e-motorcycles delivered to Boda customers; fleet reached 800 vehicles and 80,000 battery swaps per month by December.· pivot
2023
Fleet reached 1,000 e-motorcycles across Kenya and Rwanda with 115,000 monthly swaps.· banking
2024
Fleet reached 5,000 e-motos with 400,000+ battery swaps per week; crossed 100 million kilometers driven zero-emission.· banking
The stack
1 layer disclosed in Ampersand’s embedded-finance stack
Lending
E-motorcycle purchase financingPay-as-you-drive vehicle lease
Accounting gap: none