← Embedded Finance Index 2026

Cars45 Nigeria

“Can a used-car marketplace in a cash-heavy, credit-scarce market like Nigeria monetize through embedded auto lending and insurance rather than pure listing fees?”

Founded2016
HQLagos, Nigeria
Total raised$5M
Latest roundSeries A, 2017
IndustryMarketplace / Automotive

The story

Cars45 launched in 2016 as a C2B online used-car marketplace in Nigeria, using inspection centers to buy cars from consumers and resell to dealers. After venture funding stalled amid FX headwinds and a market downturn, the company was acquired by Nigerian classifieds giant Jiji in 2021 and rebranded 'Powered by Jiji.' The current product has pivoted to a B2C and dealer marketplace with embedded auto lending and insurance distribution as the primary monetization lever beyond listing fees.

Last 12 months

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Product timeline

2016

Founded in Lagos as an online marketplace to buy, inspect, and sell used cars in Nigeria.· launch

2017

Raised $5M Series A from Frontier Cars Group (Balderton, EchoVC, TPG Growth, NEA).· funding

2019

Partnered with Allianz Nigeria for retail auto insurance distribution via Cars45autopreneur app.· insurance

2021

Acquired by Jiji.ng, becoming part of Jiji's classifieds group.· acquisition

2023

Launched car loans with GAC Motor Nigeria for buyer financing.· lending

The stack

2 layers disclosed in Cars45 Nigeria’s embedded-finance stack

Lending

Cars45 car loansGAC Motor Nigeria financing partnership

Insurance

in the full report

Accounting gap: none

1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Cars45 Nigeria — frequently asked

Which insurance provider does Cars45 Nigeria partner with?

Cars45 Nigeria's embedded insurance is provided by Allianz Nigeria.

What is Cars45 Nigeria's embedded finance stack?

The Embedded Finance Index 2026 maps 2 layers in Cars45 Nigeria's stack: Lending (Cars45 car loans and GAC Motor Nigeria financing partnership); Insurance (Allianz Nigeria).

Where is Cars45 Nigeria headquartered?

Cars45 Nigeria is founded in 2016 and headquartered in Lagos, Nigeria.

How much funding has Cars45 Nigeria raised?

Cars45 Nigeria has raised $5M in total (latest round: Series A, 2017).

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