Moove, Nigerian Mobility Fintech Startup Secures $16.8m Financing Facility to Fast-track UK Operations
Following a successful debut in August, Nigeria-based mobility fintech startup Moove—largest Uber’s car supply partner in EMEA—has raised GBP15 million (US$16.8 million) in funding from Emso Asset Management to expand up its UK operations.
By providing revenue-based car finance to mobility entrepreneurs, the Nigerians Ladi Delano and Jide Odunsi of British birth founded Moove in 2019 with the goal of democratizing vehicle ownership in Africa.
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. In six markets (Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan) and three product categories (cars, trucks, and motorbikes), over three million rides have been performed in Moove-financed vehicles.
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. With a 100% EV rent-to-buy approach, it made its debut in London in August and offers mobility entrepreneurs access to brand-new, zero-emission vehicles for a set weekly cost.
By the end of 2025, Moove will be able to develop up to 10,000 vehicles thanks to this new financing arrangement from Emso Asset Management, making it the largest EV partner on the Uber platform in London.
With more EVs on the platform than any other Uber city, the city leads the world in the company’s electrification ambitions. Uber will be able to move closer to its objective of having an all-electric platform in the city by 2025 thanks to Moove’s activities in London.
The company Moove also introduced Moove Charge, the first end-to-end charge experience and full EV charging network app designed particularly for ride-hailing drivers, to facilitate the switch to EVs in London. Moove Charge makes it possible for users to find, manage, and pay for charging across one of London’s largest roaming networks, which includes over 7,000 slow, fast, and rapid charge points. This improves the user experience for both drivers and riders by allowing for the increased use of electric vehicles and the reduction of wait times.
“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.
