The UAE-based company Naran is betting big on a financing model that combines vehicle leasing with a path to ownership. They're specifically targeting ride-sharing and delivery drivers who often struggle to get traditional financing. This move comes as Naran expands into Latin American and African markets and prepares to enter the Middle East and North Africa (MENA) region.
The startup recently closed a new funding round, raising $10 million. This includes a direct investment and debt financing from UAE-based investment firm Landel. The goal is to boost Naran's operations and further develop its business model in both existing and new markets.
Naran was founded in 2025 by Paiskhalan Alekseev and Alexander Gubarev. Their core offering is a "lease-to-own" model, which allows drivers working in ride-sharing and delivery services to eventually own their cars or motorcycles through contracts that typically last between one and five years.
The company's model works by purchasing vehicles directly from manufacturers. They then make these vehicles available to drivers through partnerships with ride-sharing and delivery platforms like Yango and inDrive. Naran particularly focuses on individuals with irregular incomes or those who don't have enough credit or banking history to qualify for traditional loans.
Naran's system goes beyond just financing vehicles. The company also manages a digital platform that handles driver registration, payment scheduling, vehicle usage tracking, and even maintenance and fleet management.
This comprehensive structure allows Naran to collect detailed data on driver performance, vehicle usage, and payment behavior. This data is a crucial part of their model, as they aim to turn vehicle financing contracts into the starting point for a new credit history for drivers.
Over time, this data can help drivers access other financial products, based on their payment history and the assets they own. This opens up a gradual pathway for them into formal financial services.
Naran also plans to expand its business model beyond direct vehicle financing. In the future, they intend to offer their technical infrastructure as a Software-as-a-Service (SaaS) solution to fleet operators and asset-backed financing companies.
Currently, Naran operates in Colombia, Peru, Senegal, and Ivory Coast. They are getting ready to launch in Paraguay next September, while also exploring expansion opportunities in the Middle East and North Africa markets.
This expansion positions Naran to transform the vehicle financing model from just a way to own an asset into a comprehensive financial platform. It leverages asset and payment data to build credit histories for drivers who have traditionally been excluded from mainstream financing.
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