As I will always say- it is unheard of to excuse Africa from the global wave of technological development and innovations.
The last few years were characterized by an unprecedented surge in African startups, springing from all corners of Africa hereby representing Africa in the global market. Nigeria the African giant is hence taking the bold stand in leading Africa on this technological journey.
One of many startups making these giant strides is “Moove” – one of Africa’s foremost fintech companies.
Moove is a Nigerian-born global start-up founded in 2020 by Ladi Delano and Jide Odunsi. Moove was founded in response to the challenge faced by over 2 million African mobility entrepreneurs – the lack of access to vehicle financing. It was initially built to solve this problem in Lagos and has since expanded to 6 cities across Africa. Moove is now taking a revenue-based financing model globally to serve the millions of mobility entrepreneurs in emerging markets around the world who have limited or no access to vehicle or vehicle financing.
The company recently disclosed its coalition with the ride-hailing company, Uber in July 2020, and is now Uber’s largest vehicle supply partner in EMEA, with its customers having completed over 9 million trips in Moove-financed vehicles.
just this August, Moove launched its operation in London with a 100% EV rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee. The new financing facility will enable Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London.
Moove’s Debt Financing
African fintech startup Moove says it has secured £15 million (~$17 million) in debt financing from Emso Asset Management to bring it to the $200 million mark in total funding.
Commenting on the fundraising, Ladi Delano, co-founder, and co-CEO at Moove, said:
“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”