African fintech mobility startup Moove has closed a US$10 million financing facility from NBK Capital Partners. Moove is Uber’s exclusive vehicle supply partner in Africa and the financing facility will enable Moove to democratize vehicle ownership in Africa and expand across key markets like West Africa.
The innovative asset-backed venture debt marks the sixth investment from the Fund advised by NBK Capital Partners.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is an African mobility fintech that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa.
The market opportunity is vast – Africa is home to 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S. Moove provides vehicle financing for cars, bikes and lorries to mobility entrepreneurs across the continent through its alternative credit scoring technology and innovative revenue-based financing model and is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company currently operates in six cities across Ghana, Nigeria, South Africa, and Kenya, with plans to expand further across the continent.
“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners. “The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”
‘’NBK Capital Partners Mezzanine Fund’s’ financing comes at a fantastic time for our company and is intelligently structured for our use case,” added Ladi Delano, Co-Founder and Chief Executive Officer, Moove.
“This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”
Executives added, through year-end December 2021, more than 2 million trips have been made in Moove-financed vehicles since it launched operations in 2020.