Nigerian mobility fintech Moove raised $30 M debt funding for expansion in UAE
Uber’s largest car supply partner in EMEA, Nigeria’s Moove, a mobility FinTech startup, has secured $30 million from its first sukuk sale to support its development into the United Arab Emirates (UAE).
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 African markets, including Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, and across three product categories, including cars, trucks, and motorbikes, millions of rides have already been completed in Moove-financed vehicles. The company has also expanded into Europe and India after securing sizeable debt and equity funding.
After this debut sukuk’s successful conclusion, it is now preparing to enter the UAE, opening the door for Moove to capitalize on the wealth of Islamic investors who are especially keen on investments that support social and environmental causes. A sukuk al- istisna, a Shari’ah-compliant contract for the purchase of the right to produce electric vehicles, has been privately placed and structured as the issuance of the Shari’ah compliant notes or “sukuk”.
“This financing is a milestone for Moove – our first sukuk issuance which showcases our growth and sustainability as a global company. Equally important is that this furthers our mission to build the biggest EV ride-hailing fleet in the region, to drive forward mobility electrification, and enable cities to reach their net-zero targets,” said Delano.
In order to accelerate the electrification of transportation and improve the ride-hailing passenger experience in the area, Moove will utilize the funding to expand to 2,000 EVs in the UAE over the next year. To assist cities like Dubai, reach their Net Zero goals, Moove predicts that this fleet of electric vehicles would reduce carbon dioxide emissions by approximately 5,000 metric tonnes annually.
Moove will release its EV charging app, Moove Charge, as part of its debut in the UAE. The first end-to-end charging experience and full EV charging network app designed particularly for ride-hailing drivers, Moove Charge originally debuted in London in August. Users can use it to find charging stations, see which ones are compatible with their car, see real-time availability of charging stations, filter by charging speed, start, and stop charging, and use the wallet feature.
