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Investor consortium backs Moove with $105m

Staff writer
March 15, 2022, 4:16 p.m.

Word count: 642

AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital have invested $105m in an oversubscribed Series A2 round consisting of equity and debt in Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa.

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AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital have invested $105m in an oversubscribed Series A2 round consisting of equity and debt in Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa.

The round was joined by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures.

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs 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 brand new vehicles using a percentage of their weekly revenue. 

Julius Tichelaar, Partner at AfricInvest, said: “At AfricInvest, we are focused on supporting and growing companies that we believe 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.” 

Moove has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.

Now, Moove is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets.

With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months. 

Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. After raising $23m in an oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019, Moove is now leading the charge in the “mobility fintech” sector. This is a white space where Moove has emerged as the leader across Africa, helping to solve the continent's acute problem of limited access to vehicle financing for millions of Africans. 

Over the next six months, Moove will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.

Moove’s model has proven transformative in other ways. Its commitment to ensuring that at least 60% of the vehicles it finances are electric or hybrid in line with targets set at COP26 means the company is replacing the old-polluting vehicles that are exported from the rest of the world to the continent with new fuel-efficient vehicles. This commitment to tackling the climate crisis saw Moove recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem. 

Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs. The mobility space in emerging markets is often highly fragmented and informal, Moove is helping to formalise how millions of people can participate in this economy to earn a living and own their vehicle. Moove has a commitment to ensuring that at least 50% of its customers are women, its product design enables more women to access vehicle financing and flexible employment. 

Ladi Delano, co-founder and co-CEO at Moove, said: 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.”

 

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