Moove partners with Lori Systems
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The partnership will enable Moove to provide versatile finance solutions towards truck financing for transporter companies and individual drivers. Moove will be able to provide affordable vehicle financing within the African trucking and logistics industry.
Ladi Delano, Co-Founder and CEO of Moove comments on the partnership.
“We knew from the get-go that our mission to democratise vehicle ownership would take us beyond cars. We’re thrilled to be partnering with Lori Systems to empower truck drivers in Africa, and are excited about the positive impact our revenue-based financing solutions will have on their lives. Lori’s efforts to leverage data-driven and tech-enabled solutions have recorded significant progress in driving further efficiency in the African logistics industry; this has been impressive and very much aligns with our mission.”
The combination of Moove’s unique revenue-based financing model and credit-scoring technology with Lori Systems’ data-driven logistics marketplace aims to increase the capacity of transporters to match demand across East and West Africa.
The initial launch will take place in Kenya followed by an implementation in Nigeria. Moove will use its revenue-based financing and credit decision model through the implementation in Kenya and Nigeria.
How does the financing work?
According to reports, loans will be allocated to a pool of highly rated and vetted transporters gathered from and on Lori System’s online data and platform. Users are able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue.
Moove was founded in 2019by serial entrepreneurs, Ladi Delano and Jide Odunsi and has gained immense traction since its inception having partnered with global ride-hailing company Uber.
Featured image: Supplied