Mobility fintech startup Moove secures US$20m from BII for fuel-efficient automobiles purchase

NIGERIAMoove, a mobility fintech startup, has received US$20 million four-year structured credit from The British International Investment (BII), UK government’s development financing agency.

This investment will allow Moove to purchase and import brand new fuel-efficient automobiles into Lagos, which will then be leased to drivers who will work their way to asset ownership over a three to four-year period.

This would also help to remove one of the major impediments to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial metropolis.

“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,” Ladi Delano, co-founder and co-CEO at Moove, said.

“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.”

Moove is an African mobility fintech founded in 2019 by Ladi Delano and Jide Odunsi that is democratizing vehicle ownership by providing revenue-based vehicle finance to mobility entrepreneurs across Africa.

The two co-founders are British-born Nigerians with degrees from the London School of Economics, Oxford University, and MIT. Prior to starting Moove, they successfully created three other firms on the continent.

Moove is Uber’s official vehicle financing and vehicle supply partner in Sub-Saharan Africa, providing vehicle financing for cars, bikes, and trucks to mobility entrepreneurs across the continent using its alternative credit scoring algorithm and novel revenue-based financing model.

The organization presently works in six locations spanning Ghana, Nigeria, South Africa, and Kenya, with intentions to grow across Africa.

“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise,” BII’s Chief Executive Nick O’Donohoe said.

“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.

“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.”

The investment is claimed to represent BII’s focus on mobilising resources to assist Nigeria establish self-sufficiency and market resilience, as well as expand access to inclusive economic opportunities and catalyse the country’s unlimited entrepreneurial ambition.

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