Moove: Nigeria Mobility Fintech Company Wins $105m Funding to Expand Operations

Moove is a mobility fintech company that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. The Nigeria start-up company which operate in six cities plans to expand to seven emerging markets in Europe, Asia, and the Middle East after raising $105m in its latest funding round.

Launched in 2020, Moove provides financing for customers who wish to purchase new vehicles for ride hailing, logistics and deliveries by using a percentage of the weekly revenue generated by the business.

Moove is part of a new generation of Nigerian-born start-ups that resolves financial services across Africa, where the majority do not have access to bank financing.

CEO Ladi Delano relates that Moove was originally developed as a solution for Uber, which had a lot of demand at the time but had few drivers with cars in Lagos. Currently, Moove finances vehicles for logistics and deliveries.

“The business has just been phenomenal. From the demand side it has just been exponential since launch, pretty much every single month we have grown 50% month on month.

Its expansion will see Moove extending financing to buses, trucks and three-wheelers and is expected to maintain the same level of growth this year, said Delano”. He added.

In a statement, the company announced that it plans to have at least 30% of the vehicles it finances be electric by next year and that at least half of its customers will be women.

Its latest funding was led by existing investors, Speedinvest, Left Lane Capitals and new participation from others like AfricInvest and Kreos Capital.

With a vision to vision is to democratize vehicle ownership across Africa, Moove aim at building tech to provide Africans the access to affordable vehicle financing while creating job opportunities and empowering a new generation of mobility entrepreneurs.