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Nigeria’s pioneering mobility fintech Moove attracted four new investors in a successful $105 million Series A2 funding round. AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital joined the round led by existing investors Speedinvest, Left Lane Capital and thelatest.ventures for a capital raise to expand the business globally.
The new funding will be used to expand beyond Africa into seven new markets across Asia, MENA and Europe
Since Moove’s $23 million Series A round last August, the company has added five new strategic partners, launched two new vehicle classes (trucks & bikes), and expanded into delivery and grown operations from three to six African cities (Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan).
The company was launched in 2020 and integrates with ride-hailing, logistics and instant delivery marketplaces using their proprietary data to provide revenue-based vehicle financing to entrepreneurs, solving supply problems for growing marketplaces.
“Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over three million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech,” says co-founder and co-CEO Ladi Delano.
“But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues,” he continues. “With this new fundraise, we are well-positioned and well-funded to help solve this global problem. 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.”
Moove has gained success through using its alternative credit scoring technology to help provide vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.
“At Moove, we are working hard to create disruptive and impactful tech solutions to solve real-world problems. The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region,” explains Moove’s other co-founder and co-CEO Jide Odunsi.
“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.”
Over the next six months, Moove will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA, and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
“As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion.”
“Ladi and Jide are redefining what fintech can be, championing the use of revenue-based vehicle financing to empower people through employment and ensure platforms such as Uber have a steady flow of drivers and couriers to enable their business expansion,” says Speedinvest general partner Stefan Klestil.”
“With six markets under their belts already and partnerships with leading platforms, they are ready to further scale. We’re delighted to be backing Moove again as they grow the business across the world.”
Moove’s commitment to ensuring that at least 60 percent of the vehicles it finances are electric or hybrid – in line with targets set at COP26 – means the company is replacing the old-polluting vehicles that are exported from the rest of the world to the continent with new fuel-efficient vehicles.
This commitment to tackling the climate crisis saw Moove recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.
Featured image supplied by Moove