Moove Raises $16.8m Financing Facility To Scale UK Operations
The Nigerian mobility fintech startup is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
Moove has raised US$16.8 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.
Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms.
Moove said over three million rides have been completed in its financed vehicles across six markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes.
Moove embarked on it global expansion in March after raising $105 million in a Series A2 round, which it then topped up with US$20 million from the UK government’s development finance institution (DFI) British International Investment (BII). It launched in London in August with a 100 per cent EV rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee.
According to Moove, the new financing facility from Emso Asset Management will enable it to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Uber’s platform in London. The city is the global leader in Uber’s electrification efforts, with over 7,000 EVs on the platform – the most of any Uber city. Moore’s London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
To enable this transition to EVs in London, Moove also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers. Moove Charge enables Moove customers to locate, control, and pay for charging across one of the largest roaming networks in London, covering over 7,000 slow, fast and rapid charge points, providing a better and easier experience for drivers as well as riders as it enables more electric cars to be on the road and reduced wait times.
Ladi Delano, Moove Co-founder said: “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”