Barely a month announcing a US$10-million funding round, African mobility fintech Moove has raised a further $105 million in a “series A2” round aimed at taking its business global.
The latest round, which was oversubscribed and which brings total funding to $174.5-million, consisted of both debt and equity and was led by existing investors Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
Launched in Nigeria in 2020 by Ladi Delano and Jide Odunsi, Moove is Uber Technologies’ exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company provides 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 new vehicles using a percentage of their weekly revenue.
“Moove has experienced overwhelming demand and exponential growth across Africa, with Moove-financed vehicles having completed over three million rides covering more than 25 million kilometres,” the start-up said in a statement on Monday announcing the new funding round.
“Moove is now expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new round … Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, the Middle East and North Africa, and Europe over the next six months.”
The company also intends to expand vehicle classes available to include cars, trucks, bikes, three-wheelers and buses.
Jide Odunsi, co-founder and co-CEO at Moove, said in the statement: “The Moove model that we’ve pioneered in Africa, providing revenue-based vehicle financing to mobility entrepreneurs, can be applied anywhere in the world… 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.”