Moove, a Nigerian mobility fintech startup, has secured US$16.8 million in funding from Emso Asset Management to expand its UK operations after a successful launch in August.
By offering revenue-based vehicle 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 analytics to underwrite loans to drivers who were previously denied access to financial services.
The company started its global expansion after raising $105 million in a Series A2 round in March that was made up of equity and debt. It later added an additional US$20 million from the British International Investment (BII), formerly known as the CDC Group, a development finance institution (DFI) of the UK government.
“For Moove, this financing comes at a really exciting time. We’ve already demonstrated through our ongoing worldwide development in the UK and India that providing inexpensive and accessible vehicle financing for mobility entrepreneurs is a major problem that we at Moove are dedicated to resolving. We’re eager to expand our business in the UK so that drivers may switch to electric cars and further the electrification of mobility, Delano said.
Cars, trucks, and motorcycles financed by Moove have been used for over three million trips across six different markets: Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan.
Moove will be able to become the largest electric vehicle (EV) partner on the Uber platform in London with the help of this new financing facility, which will allow them to scale up to 10,000 vehicles by the end of 2025.
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