Moove co-CEOs Jide Odunsi and Ladi Delano
Mobility fintech group Moove has raised $105-million in a Series A2 funding round, consisting of equity and debt.
This newest round of funding was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors, including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
Moove provides revenue-based financing to mobility entrepreneurs across Africa.
Launched in 2020 by Ladi Delano and Jide Odunsi, Moove offers mobility entrepreneurs, such as Uber drivers, 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 new vehicles, using a percentage of their weekly revenue.
Moove says it has experienced “overwhelming demand and exponential growth” across Africa, with its Moove-financed vehicles having completed more than three-million rides covering more than 25-million kilometres.
The company now aims to expand its model globally to meet the needs of mobility entrepreneurs in other emerging markets.
With this newest funding round, which brings the total raised by the mobility fintech company to $174.5-million, Moove aims to “rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, the Middle East and North Africa, and Europe over the next six months”.
The company also plans to expand its partnerships and vehicle classes to include trucks, bikes, three-wheelers and buses.
Moove has also made a commitment that at least 60% of the vehicles it finances are electric or hybrid drive, and that at least 50% of its customers are women.
“There are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing, as well as marketplaces that are facing critical supply issues,” says Moove co-CEO Delano.
“With this new fundraise, we are well-positioned and well-funded to help solve this global problem. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”