Nigerian automobile financing startup and Uber’s exclusive vehicle supply partner in Africa, Moove has raised $105 million in equity and debt to power a global expansion across Asia, MENA, and Europe over the next six months.
The fintech, established in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi gives mobility entrepreneurs access to revenue-based financing in markets with low access to credit.
The company uses its alternative credit scoring technology to provide vehicle financing to its customers to purchase brand new vehicles, using a percentage of their weekly revenue. The latest funding by Moove comes 7 months after its $23 million Series A. The company is now planning global expansion in Series A2 round consisting of equity and debt. A2 is a new priced round consisting primarily of existing investors Speedinvest, Left Lane Capital and the latest.ventures, and also featuring AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
This new $105m Series A2 round brings the total raised by the mobility fintech pioneer to $174.5m.
“Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over three million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech.
“But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. With this new fundraise, we are well-positioned and well-funded to help solve this global problem. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world”, Delano said.
The Co-CEO, Odunsi also noted that Moove is committed to empowering women and providing disruptive and impactful tech solutions to solve real-world problems.
“The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region. As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business,” he said.
Meanhwile, the company revealed plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
Investors King recalls that Moove recently partnered with CFAO Motors, a department of CFAO Automotive, to purchase over 5,000 brand-new, fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria.
