Nigeria-based mobility fintech startup Moove has raised US$105 million in an oversubscribed Series A2 round to scale to seven new markets across Asia, MENA, and Europe over the next six months.
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services. Over three million rides have been completed in Moove-financed vehicles across six markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes.
The company is now planning global expansion after raising $105 million in Series A2 round consisting of equity and debt. A2 is a new priced round consisting primarily of existing investors Speedinvest, Left Lane Capital and the latest.ventures, and also featuring AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
The round brings the total raised by Moove to US$174.5 million, and will be used to rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months. It also plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
“Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over three million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech,” Delano said.
“But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. 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.”
Odunsi said Moove was working hard to create disruptive and impactful tech solutions to solve real-world problems.
“The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region. As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business,” he said.
Julius Tichelaar, partner at AfricInvest, said his company was focused on supporting and growing companies it believed will go beyond their own borders and become regional champions.
“Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we’re delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets. Through the AfricInvest FIVE Fund, we’re incredibly proud to be joining Ladi, Jide and all the Moovers on their exciting journey of disrupting financial services,” he said.