Mobility company, Moove secures $10m funds from NBK Capital and Mezzanine Fund

Moove, Africa’s Mobility Fintech and Uber’s only car supply partner in Africa, has secured a $10 million financing facility backed by NBK Capital Partners and Mezzanine Fund II, just two months after opening its first office in East Africa.

Moove is NBK Capital Partners’ first African investment, demonstrating the potential for a mobility platform like Moove to fill the continent’s automotive financing gap. The latest investment funding, announced on Tuesday, is the Fund’s sixth asset-backed venture debt, as advised, and is intended to help Moove with its planned expansion in West Africa.

Moove’s Co-Founder and Chief Executive Officer, Ladi Delano speaking on the new milestone, acknowledge that “NBK Capital Partners Mezzanine Fund’s financing comes at a fantastic time for our company and is intelligently structured for our use case.”

“This investment brings our total funding raised to date to US $ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for African markets, tackling the problem of lack of access to credit for millions. “

According to company executives, over 2 million journeys have been covered by Moove-financed vehicles since the company’s inception in 2020.

Offering up to 95% of the purchase price

Ladi Delano and Jide Odunsi founded Moove in 2019 to democratize vehicle ownership by providing revenue-based vehicle finance to mobility entrepreneurs across Africa. Prior to Moove, the British-born Nigerians with degrees from the London School of Economics, Oxford University, and MIT had founded three previous businesses on the continent.

Moove, Uber’s official vehicle finance and vehicle supply partner in Sub-Saharan Africa, provides vehicle financing for cars, motorcycles, and trucks to mobility entrepreneurs across the continent through its alternative credit scoring algorithm and novel revenue-based financing model.

Within five days of signing up, the company offers customers the opportunity to obtain loans to purchase new cars with financing of up to 95 percent of the purchase price.

Customers can repay their loans over a period of 12, 36, 48, or 60 months by paying a percentage of their monthly income through the Moove app, which keeps track of all transactions and gives them access to other financial products on the platform.

Africa has a 1.3 billion-person population, with 43 percent living in cities and rising, and only 900,000 total new car sales in 2019, compared to 17 million in the United States.

Moove-financed vehicles have completed over 1.6 million trips and travelled over 20 million kilometers across the company’s markets to date.

The organization currently operates in six locations across Ghana, Nigeria, South Africa, and Kenya, with plans to expand throughout Africa.

Belief in the growing model

Yaser Moustafa, Chief Executive Officer of NBK Capital Partners, stated in response to the recent financing, “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent.”

Africa has a 1.3 billion-person population, with 43 percent living in cities and rising, and only 900,000 total new car sales in 2019, compared to 17 million in the United States.

Moove-financed vehicles have completed over 1.6 million trips and travelled over 20 million kilometers across the company’s markets to date.

The organization currently operates in six locations across Ghana, Nigeria, South Africa, and Kenya, with plans to expand throughout Africa.

Belief in the growing model
Yaser Moustafa, Chief Executive Officer of NBK Capital Partners, stated in response to the recent financing, “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent.”

According to Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners, the company is more than pleased to be entering into a partnership with Moove at this critical time.

“We are proud to support Moove’s management at such a vital time in the company’s expansion. We believe our flexible financing solutions are the reason why an increasing number of rapidly growing companies have come to rely on us for proven solutions to the many complex financial situations in which they find themselves.” –

Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners 

“Moove is allowing more women to access funding and become mobility entrepreneurs by using our alternative credit-scoring technology and revenue-based model,” said Jide Odunsi, Co-Founder and Chief Executive Officer of Moove.

“We are committed to having at least half of our clients be women, providing them with the tools, services, and flexibility they require to be productive and successful, even if they have previously been excluded from more formal work opportunities.”