$10 M debt funding facility secured by Nigerian mobility fintech startup Moove

Uber’s only car finance and vehicle supply partner in Sub-Saharan Africa, Nigerian mobility fintech startup Moove, has obtained US $10 million in debt funding to help it grow across key regions.

Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs. Moove was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, who have successfully built three other businesses in Africa over the last eight years through venture studio Grace Lake Partners.

Moove integrates its alternative credit-scoring system into ride-hailing and e-logistics platforms, giving underwriters access to mobility entrepreneurs’ exclusive performance and revenue metrics. Its business approach is to give loans to consumers by selling them new cars and financing up to 95% of the purchase price.

Since Moove began operations in 2020, more than twp million journeys have been made in Moove-financed automobiles through the end of the year in December 2021.

Last year, the business secured $63.2 million in a Series A debt and equity fundraising round to help it expand faster, and it then launched in South Africa. Following a US$10 million funding arrangement from NBK Capital Partners’ Mezzanine Fund II, it now wants to expand further.

The fund’s growth facility will first assist Moove’s expansion in West Africa. Moove is NBK Capital Partners’ first investment in Africa, demonstrating the potential for a platform like Moove to fill the continent’s automotive finance deficit.

The funding arrived at a “wonderful time” according to Delano, and was sensibly organised for Moove’s purpose.

“This investment brings our total funding raised to date to US $78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions,” he said.

“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, chief executive officer (CEO) of NBK Capital Partners.

“The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”