Nigerian Mobility Fintech Start-up, Moove Raises $105 Million To Scale Its Vehicle Financing Product Across Europe, MENA and Asia

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Moove is the world’s first mobility fintech and a Nigerian start-up that provides revenue-based vehicles that mobilise drivers across Africa.

Quite similar to Uber, Bolt and other ride-hailing platforms; they have raised $105 million in a Series A2 round.

Investors in the likes of Speedinvest, Latitude, Kreos Capital, Left Lane Capital and AfricInvest among others participated. Left Lane and Speedinvest are two lead investors that led its Series A funding.

Moove was founded by Jide Odunsi and Ladi Delano sometime in 2019. In a past interview with TechCrunch, Delano opened up on how he partnered with Odunsi while they were figuring out solutions to some problems in Nigeria after years of running successful businesses.

This new fundraising comes just seven months after Moove closed its $23 million Series A round and also a month after they closed about $10 million in debt financing. They launched in 2020 and they are present in six African cities – Ibadan, Nairobi, Accra, Lagos, Cape Town and Johannesburg.

Africa is home to more than a billion people and the majority of them have limited access to vehicle financing, and owning a car is a luxury for most of them; this insight prompted Moove to begin taking initiatives.

In 2019, Africa had fewer than 900,000 new vehicle sales compared to the U.S recorded about 17 million in sales that same year. Moove deals with new cars and they have flexible options for drivers who intend to get into the hail-riding business. The drivers don’t have to borrow from colleagues or car owners or take loans from the bank.

The process works by the drivers signing up on the platform and getting verified. They are then trained and sign contracts with Moove to have loans to either rent or by cars. The company helps the drivers get on Uber’s platform (who are their exclusive partners across Africa) and weekly rentals are deducted from their earnings before their balance is transferred to their (the drivers’) accounts.

The loans which are about 12-48 months can be repaid by drivers – at an 8-13% annual interest rate- after then, the drivers get to own the cars. Moove is targeting seven new markets across Asia, Europe and MENA in the next six months.  

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