Moove, a Nigerian mobility fintech startup, has received an additional $8 million in funding from Absa Corporate and Investment Banking (CIB), bringing its total funding to date from the bank to $28 million.
This comes after Moove received USD 20 million in funding from Absa for its South African operations, which was disclosed in June of 2022.
This fresh round of funding would allow Moove to purchase a large quantity of new, fuel-efficient Suzuki S-Presso cars for assembly in Ghana, which would substantially expand the company’s existing fleet.
Ladi Delano and Jide Odunsi founded Moove in 2020, and over 21 million trips have been taken in vehicles with Moove financing to date. In EMEA, the startup is also Uber’s top supplier of fleet vehicles.
“We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022,” says Jephthah Datsomor, Moove’s country manager for Ghana. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal.”
The additional funds will be essential in supporting Moove’s growing fleet of vehicles in Ghana and furthering its objective to democratize car ownership and provide job opportunities within gig economies globally.
Read more on Tech Gist Africa:
Zuvy, a start-up in Nigeria that finances invoices, has raised $4.5 million
Eze, a Nigerian electronics marketplace, has closed a $3.7 million seed funding round
Termii, a Nigerian communications startup, has secured a $3.65 million funding round
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