Spiro, an electric motorcycle company operating in Africa, has obtained a $7 million loan from US-based climate fintech financier Nithio to fund expansion of its EV fleet, battery-swapping infrastructure, and working capital.
The transition to electric mobility is increasingly viewed as essential for reducing urban pollution and lowering operating costs for commercial riders.
With this latest financial infusion, Spiro continues to solidify its position as one of the best-capitalized mobility companies operating in the region today.
Founded in 2022, Spiro has raised nearly $290 million in total funding. The company raised $100 million in October 2025 in a round led by the Fund for Export Development in Africa.
The proceeds from this loan are specifically allocated to support the aggressive expansion of the company’s electric vehicle fleet in high-demand areas. Management intends to utilize the funds to enhance battery-swapping infrastructure, which is critical for ensuring the reliability and adoption of electric two-wheelers. Additionally, the capital will provide necessary working capital to scale operations effectively across both existing territories and new geographical markets.
