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Sub-Saharan mobility and vehicle finance company Moove has announced it has raised $23 million (R341 million) in a Series A funding round.
The latest amount, announced on 9 August, brings the company’s total funding to $68.2 million. This includes $28.2 million in equity and $40 million in debt.
Speedinvest and Park Lane Capital led the funding round.
Launched in 2020, the company is Uber’s exclusive vehicle financing and vehicle supply partner in the region.
“In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs,” Moove Co-Founder, Ladi Delano, said in a statement.
Moove offers vehicle finance in Africa
Moove offers loans to customers to buy vehicles and finance them up to 95% of the purchase within five days of signing up. Customers can choose to pay loans back over 24, 36, or 48 months using a percentage of their weekly revenue.
“We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.”
The company will use the funding to build a full-service mobility fintech. It also aims to promote access and financing for vehicle ownership on the African continent.
It is also committed to ensuring that 50% of its customers are women.
Speedinvest and Left Lane Capital led the funding round.
“With Ladi and Jide [Odunsi] at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa,” Speedinvest General Partner, Stefan Klestil said.
Other investors in the round included Spartech Ventures, DCM, Tekton, Palm Drive Capital, Class 5 Global, and Clocktower Technology Ventures.
Featured image: Supplied/Moove