Mobility fintech startup Moove secures US$16m to expand its operations

AFRICAMoove, a mobility startup that provides revenue-based car finance and financial services to mobility entrepreneurs, has secured a £15 million (US$16.73m) fund from Emso Asset Management to expand its operations in the United Kingdom.

The African startup has a growing worldwide client base of mobility entrepreneurs and just started in the United Kingdom. Its first foray into Europe.

The company is currently preparing to launch a 100% EV rent-to-buy strategy, which will allow access to brand new, zero-emissions vehicles for a fixed monthly charge.

The fresh capital will allow the mobility firm, which aims to be the largest EV partner on Uber’s network in London, to expand to 10,000 cars by the end of 2025, as previously stated.

“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove,” co-founder and co-CEO at Moove Ladi Delano said.

“We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”

Moove, founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, is democratising vehicle ownership in Africa by offering revenue-based car finance to mobility entrepreneurs. The company has grown by more than 50% month on month since its inception.

In addition, the business has teamed with CFAO Motors, a division of CFAO Automotive, Africa’s biggest automotive distribution network with a presence in 36 countries, to acquire over 5,000 brand-new fuel-efficient Suzuki cars for its mobility entrepreneurs in Ghana and Nigeria.

The mobility firm has completed over three million trips in its Moove-financed vehicles in six African markets, including Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, with three product categories including cars, trucks, and motorcycles.

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