African fintech Moove secures US$10M funding to fuel west African expansion drive

WEST AFRICA – Mobility fintech Moove, Uber’s exclusive vehicle supply partner in Africa, has been granted US$10 million by NBK Capital Partners Mezzanine Fund II to support its expansion.

Moove is the first investment in Africa by NBK Capital Partners funds, underscoring the opportunity to address the continent’s vehicle financing gap.

The fintech founded in 2019, democratizes vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa.

The company currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.

It targets the vast market in Africa where 43% of the population in urban areas record less than 900,000 total new vehicles in sales compared to 17 million in the US.

We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners.

As Moove expands across the continent, it also seeks to empower more women to access financing and become mobility entrepreneurs by providing them with the tools, services, and flexibility they need to be productive and successful.

Insurtech Casava closes $4m pre-seed funding

Meanwhile, Nigeria’s first digital insurance company Casava has secured US$4 million in pre-seed funding to provide affordable and accessible insurance products.

Launched in 2021, it aims to make insurance affordable for income earners by leveraging technology, behavioral science, and empathy.

The startup is a vertically integrated company with a wholly-owned microinsurance carrier in Nigeria and a full technology stack to power it.

The pre-seed funding round was led by Target Global with participation from Entrée Capital, Oliver Jung, Monzo founder Tom Blomfield, and Stash founders Ed Robinson and Brandon Krieg among others.

The new funds will support customer acquisition and growth, as well as further development of the product and the technology stack.

Casava already has more than 66,000 customers, with US$16 million in insurance coverage.

With Casava Income Protection, subscribers can insure their income with an easy-to-use subscription that starts from as little as US$1 a month and get paid monthly for six months if they lose their job, fall sick, or become disabled.

Subscribers can also add on Casava Health, which enables access to more than 1,000 doctors on telemedicine and 900 hospitals across Nigeria.

It will also be working with fintech and digital partners to embed insurance products into their offerings, accessing over 500,000 financial service agents to reach customers across the country.

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