African fintech mobility startup Moove has raised $105 million in new Series A2 financing. This comes just seven months after the startup which provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks closed its $23 million Series A round. A month ago, it closed a $10 million debt financing facility from NBK Capital Partners.
This new funding consisting of equity and debt was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures. New investors AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital also participated in the round.
Founded in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs 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 brand new vehicles using a percentage of their weekly revenue.
The startup has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers. Now, Moove says it is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.
“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. ” Ladi Delano, co-founder and co-CEO at Moove, said. ”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.”
Over the next six months, Moove also plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
“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.” Jide Odunsi, co-founder and co-CEO at Moove, said.