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African mobility fintech expands into Cape Town
Moove, an African Mobility Fintech that aims to democratise vehicle ownership in the continent has launched its services in the Mother City.
Moove launches in Cape Town
The expansion into Cape Town marks the mobility fintech’s fourth launch in Africa and since its inception a mere 15 months ago. The announcement follows the mobility fintech’s $23-million Series A funding secured and will build off existing operations established in Johannesburg, Lagos and Accra.
Moove plans to further expand its reach over the next few months, further across Africa, making its services accessible to more individuals.
Sinako Cetyiwe, South Africa Country Manager for Moove comments on the launch of the services in Cape Town.
“We’ve only been operating in South Africa for four months, but it’s an excellent market with huge demand for our product. The next phase for Cape Town and the rest of the country is to grow our sign-ups, revenue, and trips so that we can empower more South Africans to become mobility entrepreneurs and earn a living in safe, new vehicles.”
Founded in 2019, Moove is a mobility fintech that provides revenue-based vehicle financing to mobility entrepreneurs in Africa. The fintech startup labels itself as ‘Uber’s exclusive vehicle financing and vehicle supply partner in Sub-Saharan Africa’.
The startup has been founded by entrepreneurial duo Ladi Delano and Jide Odunsi. Moove aims to democratising vehicle ownership and access by using its alternative credit-scoring technology and embedding this into ride-hailing and e-logistics platforms.
As an exclusive partner in financing and vehicle supply with giant e-hailing company Uber, Moove has reportedly experienced a positive yield since its launch with an increase of over 14 700 signs ups for its service across Africa.
Since its expansion across the four above-mentioned locations in Africa, the startup has been able to expand its team with new hires.
Ladi Delano, Co-Founder and CEO comments on the expansion since the launch.
“With consistent 60% month-on-month growth since we launched in Lagos in mid-2020, I’m proud of our team for getting us to four markets in just 15 months. We are super excited about our new team members, who, alongside our existing Moovers, will undoubtedly continue to help us attract more diverse talent as we look to build a dynamic, fun, and rewarding place to work.”
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Featured image: Moove (Supplied)