Moove, a Nigerian mobility fintech firm, has secured $105 million in an oversubscribed Series A2 round to help it expand to seven additional regions in Asia, the Middle East, and Europe over the next six months. Moove is democratising vehicle ownership in Africa by offering revenue-based car finance to mobility entrepreneurs. It was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi.
Moove may leverage proprietary performance and revenue analytics to approve loans to drivers who have historically been barred from financial services by integrating its alternative credit scoring system onto ride-hailing, e-logistics, and instant delivery platforms. In Moove-financed vehicles, over three million trips have been completed in six markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan – and three product categories – automobiles, trucks, and motorcycles.
Following a $105 million Series A2 round of equity and debt financing, the firm is now looking to expand globally. AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital are among the new investors in the A2 round, which includes current backers Speedinvest, Left Lane Capital, and the latest.ventures, as well as AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
The funds will be utilised to swiftly extend Moove’s revenue-based car financing model to seven new regions throughout Asia, the Middle East, and Europe over the next six months, bringing the total raised by the company to $174.5 million. It also intends to broaden its relationships and vehicle categories to include automobiles, trucks, bicycles, three-wheelers, and buses.
“Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over three 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,” Delano said.
“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.”
Moove, according to Odunsi, is working hard to provide revolutionary and impactful tech solutions to real-world challenges.
“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,” he said.
AfricInvest partner Julius Tichelaar said his firm was focused on assisting and growing businesses that he believes would transcend beyond their own boundaries 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,” he said.