Nigerian-based mobility fintech company, Moove has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt. The round is led by existing investors, Speedinvest, Left Lane Capital, and the latest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit since its launch in 2020. Founded by Ladi Delano and Jide Odunsi, the startup uses its alternative credit scoring technology to provide vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.
Moove-financed vehicles have completed over 3 million rides covering more than 25 million kilometers. Now, Moove is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.
Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. After raising $23 million in an oversubscribed Series A round in August 2021 and securing US$10 million financing facility from NBK Capital Partners, Moove is now leading the charge in the “mobility fintech” sector.
Moove plans to 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 over the next six months
Moove’s commitment to ensuring that at least 60pc 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. The commitment 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.
Moove has also committed to ensuring that at least 50pc of its customers are women, its product design enables more women to access vehicle financing and flexible employment.
What they said:
Ladi Delano, co-founder and co-CEO at Moove: “Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 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. 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. With this new fundraising, 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.”
Jide Odunsi, co-founder and co-CEO at Moove: “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. 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.”
Julius Tichelaar, Partner at AfricInvest: “At AfricInvest, we are focused on supporting and growing companies that we believe will go beyond their own borders and become regional champions. Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we’re delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets. Through the AfricInvest FIVE Fund, we’re incredibly proud to be joining Ladi, Jide, and all the Moovers on their exciting journey of disrupting financial services.”