Moove, a mobility fintech democratising access to vehicle ownership in Africa has secured US $20 million in a 4-year structured credit investment from British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group.
Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.
Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets.
According to the mobility company, the collaboration between Moove and BII reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.
Investors King gathered that Moove was the first business to qualify for BII’s BOLD (Black Ownership and Leadership Development).
Speaking on the new funding, Ladi Delano, co-founder/ co-CEO at Moove, said, “we’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.
“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”
The CEO of BII, Nick O’Donohoe commented on how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech.
“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry,” he said.
“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” he added.
Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.