Emso Asset Management led $16.8 M funding raised by Nigerian mobility fintech Moove

Following a successful debut in August, Nigeria-based mobility FinTech company Moove—largest Uber’s car supply partner in EMEA—has secured GBP15 million (US $16.8 million) in funding from Emso Asset Management to expand up its UK operations.

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 – more than three million trips have been taken in Moove-financed vehicles.

In March, the firm raised $105 million in a Series A2 round that included both stock and debt. It later added another US $20 million from British International Investment (BII), formerly known as CDC Group, a development financing institution (DFI) of the UK government. It made its debut in London in August with a rent-to-buy model that is 100% electric and gives mobility entrepreneurs access to brand-new, zero-emission vehicles for a set weekly cost.

By the end of 2025, Moove will be able to expand up to 10,000 cars and rank as the biggest electric vehicle (EV) partner on the Uber platform in London thanks to this new financing arrangement from Emso Asset Management.

The company Moove also introduced Moove Charge, the first end-to-end charge experience and full EV charging network app designed particularly for ride-hailing drivers, to facilitate the switch to EVs in London. Moove Charge makes it possible for users to find, manage, and pay for charging across one of London’s largest roaming networks, which includes over 7,000 slow, fast, and rapid charge points. This improves the user experience for both drivers and riders by allowing for the increased use of electric vehicles and the reduction of wait times.

“This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility,” Delano said.