Afreximbank unit FEDA invests $75 million in electric bike startup Spiro

The Fund for Export Development in Africa, or FEDA, the investment arm of the African Export-Import Bank (Afreximbank), said on Monday it is investing $75 million in Spiro, an electric-mobility startup working to replace petrol-powered motorbikes across the continent.

The funding, FEDA said, will help Spiro expand its network of battery-swapping stations and production facilities as African governments introduce policies promoting clean transportation.

“With this partnership, the Bank is laying the groundwork for a new era of intra-African trade and industrialisation,” said George Elombi, president of Afreximbank and chairman of FEDA’s board. “It fosters skills and technology transfer, creates employment opportunities, and reduces the continent’s reliance on imported second-hand vehicles.”

Spiro, founded in 2022, operates more than 60,000 electric motorcycles and 1,200 battery-swapping stations across six countries, including Nigeria, where it recently launched in partnership with the Ogun State government. Riders swap batteries at kiosks instead of refueling, cutting operating costs by as much as 40 percent.

Gagan Gupta, Spiro’s founder, said the partnership would accelerate the company’s push to “transform mobility, energy storage, and distribution across Africa.”

“As we expand our battery-swapping infrastructure and integrate renewable energy sources into our mix, we are positioned to unlock substantial upside in Spiro’s energy distribution,” he said.

Marlene Ngoyi, FEDA’s chief executive, said Spiro’s model “demonstrates the strength and scalability of Africa’s clean mobility sector.”

Spiro’s rapid expansion reflects a growing appetite for affordable electric transport in Africa’s cities, where two- and three-wheelers dominate short-distance travel but contribute heavily to pollution.

The investment underscores Afreximbank’s broader plan to build Africa’s automotive industry, linking local manufacturers with global technology partners.