SA Taxi owner Mobalyz confident in future stability after restructuring
SA Taxi owner Mobalyz, a key player in South Africa’s vehicle finance sector, has entered the final phase of its restructuring process, with CEO Sean Doherty on Wednesday saying he was confident in the company’s future stability and growth.
Mobalyz operates through three divisions: SA Taxi, which supports SMEs in the minibus taxi sector; Mobalyz-as-a-Service (MaaS), offering mobility solutions for financial institutions; and Gomo, providing vehicle financing and insurance to consumers.
The restructuring involves reshaping Mobalyz’s balance sheet to secure long-term liquidity. This follows the management team’s recent acquisition of a significant equity stake from former majority shareholder, Transaction Capital, transitioning Mobalyz into a private entity.
Doherty said that there has been relief around SA Taxi from customers, employees and funders as a result of the strategic changes made and the continued sustainability of the business.
“The taxi industry plays a vital role in South African life, transporting around 15-million people daily. It is crucial to support and finance this industry effectively and responsibly. All of the 30,000+ vehicles we finance, which collectively travel four million kilometres per day, are owned by entrepreneurs running small businesses in a sector under pressure,” he said.
Doherty said the progress made in securing innovative funding solutions to maintain the sustainability of SA Taxi remains a priority for the company.
Talking about Gomo, which has partnered with WeBuyCars since inception almost two-years ago, Doherty underscored its role in providing financing for older vehicles, a market segment often overlooked.
“In under two years, Gomo has written more than 7,000 loans, empowering first-time and emerging buyers,” he said. Gomo plans to expand further by partnering with additional stakeholders and exploring affordable new car financing.
The MaaS division, which partners with financial institutions, is also experiencing strong growth. With a robust telematics dataset, Mobalyz helps clients recover assets, restructure obligations, and address other mobility challenges.
Doherty credited partnerships with companies like Standard Bank, Toyota Financial Services, and telematics providers for enabling Mobalyz to navigate its restructuring while driving innovation in South Africa’s mobility sector.
BUSINESS REPORT