AFRICA – Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms, has raised US$105 million in new Series A2 financing to scale operations.
The latest funding round was led by existing investors, Speedinvest, Left Lane Capital with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit.
The startup uses alternative credit scoring technology to provide vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.
The platform has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.
The platform will use the new fund, which brings the total raised by the mobility fintech pioneer to US$174.5million to rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.
Moove is part of a new generation of Nigerian-born start-ups that are upending financial services across Africa.
After raising US$23 million in an oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019, Moove is now leading the charge in the “mobility fintech” sector.
This is a white space where Moove has emerged as the leader across Africa, helping to solve the continent’s acute problem of limited access to vehicle financing for millions of Africans.
The start-up is committed to ensuring that at least 60% of the vehicles it finances are electric or hybrid in line with targets set at COP26 means the company is replacing the old-polluting vehicles.
This commitment to tackling the climate crisis saw Moove recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.
Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs.
The mobility space in emerging markets is often highly fragmented and informal, Moove is helping to formalize how millions of people can participate in this economy to earn a living and own their vehicle.
Moove aims to ensure at least 50% of its customers are women, its product design enables more women to access vehicle financing and flexible employment.
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