Mobility fintech, Moove Africa, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt.
Investors speedinvest, leftlanecapital, thelatestventures and MUFG Innovation Partners participated in the round along with AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
Moove, launched in 2020 by Ladi Delano and Jide Odunsi, provides mobility entrepreneurs access to revenue-based financing in markets with limited access to credit. With its alternative credit scoring technology, Moove offers its customers a percentage of their weekly incomes as a means of financing brand new vehicles.
Moove has seen exponential growth across Africa with Moove-financed vehicles covering more than 25 million kilometers in 3 million rides. Moove is now expanding its model globally to meet the needs of mobile entrepreneurs in other emerging markets.
Moove is preparing to rapidly expand its revenue-based vehicle financing model across Asia, MENA, and Europe over the next six months after raising a new round of $105 million in Series A2. This brings the total raised by the mobility fintech pioneer to $174.5 million.
The Nigerian company is part of a new generation of startups revolutionising Africa’s financial services. With a $23 million Series A round in August 2021 and seed funding from Future Africa in 2019, Moove is now leading the way in the “mobility fintech” space. Moove has emerged as a top player across Africa in a white space where millions of Africans have limited access to vehicle financing.
In the next six months, Moove plans to scale its revenue-based financing model to mobility entrepreneurs in Asia, the Middle East, and Europe. It plans to expand its partnerships and vehicles to include cars, trucks, bikes, and three-wheelers.
Ladi Delano, co-founder and co-CEO at Moove, said: “Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 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. 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.”
Jide Odunsi, co-founder and co-CEO at Moove, said: “At Moove, we are 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.”
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.”