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$20 M raised by mobility fintech startup Moove from British International Investment

The UK government’s development financing institution (DFI), British International Investment (BII), formerly known as CDC Group, has invested $20 million in Nigerian mobility fintech firm Moove.

By offering revenue-based car finance to mobility businesses, Moove is democratizing vehicle ownership in Africa. It was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi.

The ride-hailing, e-logistics, and instant delivery platforms that Moove integrates its alternative credit scoring algorithm into allow it to leverage its own performance and revenue data to underwrite loans to drivers who were previously denied access to financial services. In six markets (Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan) and three product categories (cars, trucks, and motorbikes), over three million trips have been performed in Moove-financed vehicles.

After receiving $105 million in a Series A2 round that included both stock and debt back in March, the firm is now focusing on a worldwide expansion and has received the additional US $20 million from BII, which has made a four-year structured credit investment in Moove. The business has now raised just under $200 million in US dollars overall thanks to fundraising.

With the help of the BII money, Moove will be able to buy and import brand-new, fuel-efficient vehicles into Lagos. These vehicles will then be leased to drivers who may eventually earn their way to asset ownership over a three- to four-year period. As a result, one of the major obstacles to the construction of ride-hailing transportation infrastructure in Nigeria’s commercial capital would be removed.

“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs,” said Delano.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

The investment is a reflection of BII’s commitment to raising funds to support Nigeria’s unbridled entrepreneurial ambition while enhancing access to equitable economic opportunities and market resilience.

 

 

 

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