Moove, an African fintech start-up has secured £15 million (about $17 million) in debt financing from Emso Asset Management, bringing its total funding to $200 million.

This comes a few months after the mobility startup got $20 million in debt funding from British International Investment.

The Lagos-based start-up was launched in Europe this year, however, it already has a growing customer base of mobility entrepreneurs in sub-Saharan Africa and India. It gives customers access to brand-new electric, rent-to-buy, zero-carbon emission vehicles with no credit checks, upfront costs, or deposits.

Founded in 2020 by Ladi Delano and Jide Odunsi, Moove democratizes access to vehicle ownership for gig worker clients who may have previously been denied financial services. One of the best things about the first mobility fintech start-up is that it helps millions of people who don’t have easy access to vehicle financing and gives gig workers in the ride-hailing, logistics, and instant delivery industries stable ways to make money in all of its markets.

In July 2020, the company announced a partnership with Uber’s ride-hailing company. Moove is now Uber’s largest vehicle supply partner in EMEA, and Moove-financed vehicles have been used for more than 9 million trips by pi 2 customers.

Moove launched in London in August with a rent-to-own model for 100% electric vehicles. Mobility entrepreneurs can rent brand-new, zero-emissions cars for a flat weekly fee. With the help of the new financing facility, Moove will be able to grow to 10,000 vehicles by the end of 2025 and become Uber’s biggest EV partner in London. As the company transitions towards a sustainable all-electric platform in the region, it believes that the 10,000 electric vehicles (EVs) it aims to fund in London by the year 2025 would contribute to a reduction of around 63,000 megatons of carbon dioxide emissions per year.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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