Nigeria’s Moove, A Mobility Fintech Provider, Raises $105 Million in Expansion Drive

Moove Co-founders_ Jide Odunsi & Ladi Delano

Moove, a mobility fintech that provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt.

The round is led by existing investors, Speedinvest, Left Lane Capital and the latest ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital. 

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove goal has been to democratize vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit.

Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue. 

According to Moove, it has experienced notable demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.

Now, Moove is seeking to expand its model globally to meet the needs of mobility entrepreneurs in other emerging markets.

With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months. 

Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa.

Just the other day, Flutterwave, which was also born in Nigeria, raised USD 250 million in a Series D round.

After raising $23 million in an oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019, Moove is now leading the charge in the “mobility fintech” sector.

This is a white space where Moove has emerged as the leader across Africa, helping to solve the continent’s acute problem of limited access to vehicle financing for millions of Africans. 

Over the next six months, Moove will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.

Moove’s model has proven transformative in other ways. Its commitment to ensuring that at least 60% of the vehicles it finances are electric or hybrid in line with targets set at COP26 means the company is replacing the old-polluting vehicles that are exported from the rest of the world to the continent with new fuel-efficient vehicles.

This commitment to tackling the climate crisis saw Moove recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem. 

Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs.

The mobility space in emerging markets is often highly fragmented and informal, Moove is helping to formalise how millions of people can participate in this economy to earn a living and own their vehicle.

Moove promises commitment to ensuring that at least 50% of its customers are women, its product design enables more women to access vehicle financing and flexible employment.

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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]