UAE Fintech Naran Secures $10 Million to Scale Mobility Financing
The mobility fintech will use debt-equity funding from Landel to expand fleets across Africa and Latin America and enter the MENA region.
UAE-based mobility fintech Naran has secured $10 million in combined debt and equity financing from Landel, a UAE-based investment firm. The capital injection is earmarked for scaling vehicle fleets in emerging markets and expanding the company's geographic footprint.
Naran provides rent-to-own vehicle financing specifically for ride-hailing and delivery drivers who often lack the traditional credit histories required by banks. The company will use the new funding to scale existing operations in Colombia, Peru, Senegal, and Côte d'Ivoire, while facilitating a strategic entry into the MENA region. Additionally, the firm plans to develop new fintech products to support its growing user base.
Bridging the Credit Gap
Founded in 2025 by Yango alumni Bayaskhalan Alexeev and Alexander Gubarev, Naran targets the "underbanked" driver population. The company utilizes a proprietary fleet management system and partners with ride-hailing platforms such as inDrive and Yango to deploy vehicles.
CEO and co-founder Bayaskhalan Alexeev stated that the company addresses a critical financing gap in emerging markets where drivers are frequently unable to access traditional bank loans due to limited credit histories or irregular income streams. This operational model allows drivers to acquire assets that generate immediate revenue, effectively bypassing traditional banking hurdles.
Strategic Implications
By providing the necessary vehicle infrastructure, Naran removes a primary supply constraint for ride-hailing platforms in developing economies. The model also serves as a financial bridge; by establishing a formal repayment history for its drivers, Naran intends to evolve from a vehicle financier into a broader asset-backed financing platform. There is further potential for the company to pivot its proprietary technology into a SaaS product for other fleet operators.
Aidar Musin, Managing Partner at Landel, noted that Naran represents a rare combination in emerging markets, describing it as an asset-backed business where deployed capital is secured by GPS-tracked, revenue-generating vehicles managed by a team with deep operational experience.
Future Roadmap
Naran has outlined aggressive growth targets for the coming years. The company plans to launch operations in Paraguay in September 2026. Looking further ahead to 2030, Naran aims to operate in 10 different countries, deploying a total of 10,000 cars and 20,000 motorcycles. Through this expansion, the company expects to create 30,000 income opportunities for drivers across its target markets.