Lagos-based mobility fintech startup Moove has raised $105 million in its Series A2 funding round.
The company, founded by British-born Nigerians Ladi Delano and Jide Odunsi, is working to “democratise” vehicle ownership across Africa by providing mobility entrepreneurs with access to revenue-based financing in markets with low access to credit.
Moove has an alternative credit scoring technology and provides vehicle financing to customers using a percentage of their weekly revenue.
Despite only being founded in 2020, Moove-financed vehicles have completed more than 3 million rides covering more than 25 million kilometres. The new funding round will help the company expand into seven new markets across Asia, the Middle East, and North Africa over the next six months.
“At Moove, we have enabled over 3 million trips in Moove-financed vehicles across Africa, launched in six cities and connected thousands of mobility entrepreneurs to marketplaces,” says co-founder and co-CEO Ladi Delano – seated in the top image.
“But there are still millions of budding entrepreneurs who have limited or no access to vehicle financing. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”
Private vehicle ownership is a rarity across Africa, with fewer than 5% of all vehicles in Africa being purchased with financing compared to 92% in Europe. Ownership is less than 44 cars per 1,000 people, compared to 640 per 1,000 in Europe.
Moove, however, isn’t simply providing loans for cheap internal combustion engine vehicles. The company plans to expand into trucks, bikes, three-wheelers, and buses whilst also ensuring that “at least” 60% of the vehicles it finances are hybrid or electric.
What’s more, with Moove’s commitment to “empower and a new generation of mobility entrepreneurs,” it is working to ensure that at least half of its customers are women.
“The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world,” says Jide Odunsi, co-founder and co-CEO.
“As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business.”
Keyword: Nigerian Mobility Fintech Moove Raises $105 Million in Series A2