A Nigeria-based auto-financing startup, Moove has announced that it has raised $23 million Series A to build a full-service mobility fintech that will democratize vehicle ownership across the Africa continent.

The round was led by global VC, Speedinvest, Left Lane Capital which is based in New York, DCM VenturesClocktower Technology, LocalGlobe, Tekton Ventures, FJ Labs, and Palm Drive Capital.

Others include Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable.

Africa-focused VC Verod Capital ManagementKepple Africa Ventures, and London-based Emso Asset Management  — one of Moove’s existing lenders —also  joined the round.

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According to Yahoo! Finance, the company says this is the first African investment by many of the US-based VCs in this round. This brings Moove’s total funding to $68.2 million — $28.2 million in equity and $40 million in debt.

Founded in 2019 by Ladi Delano and Jide Odunsi, the co-founders initially bootstrapped the company. However, in 2020, Moove raised a $5.2 million seed round and launched fully in June 2020.

Moove’s business model involves providing up to 95pc in vehicle financing to its customers, which can be paid back either in 24, 36, or 48 months using a percentage of their weekly earnings.

According to Technext, Chisom Anoke, Moove Africa’s Country Manager, says this funding will enable the company to expand into more states in Nigeria, increase gender equality in the industry while creating job opportunities both within Moove and for its entrepreneurial customer base.

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The company also has a Flexi-Rental option which gives customers access to new cars for a weekly rental fee. Moove aims to ensure 60pc of all loans are used to purchase electric or hybrid vehicles.

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