Naran raises $10m for fleet FinTech growth

By Milan Rojan

UAE-based mobility FinTech Naran has raised $10 million in equity and debt financing from investment firm Landel, as the company has targeted fleet expansion and new FinTech products across emerging markets.

Naran has said the funding will support its mobility fleet operations in Colombia, Peru, Senegal and Côte d’Ivoire, while also helping the company enter additional markets across the Middle East and North Africa.

Bayaskhalan Alexeev, CEO and co-founder of Naran, has said the company has aimed to make vehicle ownership more accessible while addressing vehicle supply constraints faced by ride-hailing and delivery platforms in emerging markets.

Founded in 2025, Naran has provided rent-to-own financing for cars and motorcycles, allowing independent ride-hailing and delivery drivers to access vehicles through repayment terms ranging from 12 to 60 months. The company has purchased vehicles directly from manufacturers and has partnered with platforms including Yango and inDrive.

Naran has also developed an in-house fleet management platform covering driver onboarding, payment scheduling, utilisation tracking, telematics and vehicle maintenance. The company has planned to extend this technology to third-party fleet operators as a software-as-a-service offering.

The FinTech has positioned its financing model around drivers with irregular incomes or limited credit histories who have faced difficulties accessing traditional bank lending. Each vehicle financing agreement has also generated repayment data that Naran has said could support broader asset-backed credit products.

Aidar Musin, Managing Partner, Landel, has described Naran’s model as combining asset-backed financing, vehicle tracking and fleet management infrastructure, with potential to scale beyond the company’s own operations.

Naran has set a target of operating in 10 countries by 2030, creating 30,000 income opportunities and deploying fleets of 10,000 cars and 20,000 motorcycles.