Nigeria’s Mobility FinTech startup empowering gig drivers with car financing options, Moove has secured $105M in Series A2 financing led by existing investors Speedinvest, Left Lane Capital, and thelatest.ventures to disrupt ride-hailing across Africa.
The Series A2 round 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.
Prior to this funding, Moove has raised 3 funding rounds since its formation in 2019. A $5.2 million Seed in 2019, a $23 million Series A in August 2021, shortly followed by a debt financing round of $40 million. This latest Mega Deal brings Moove’s total funding to $174.5M in an equity and debt mix.
Moove, launched by Ladi Delano and Jide Odunsi, is a mobility fintech that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. It is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The startup is currently operating across South Africa, Kenya and Ghana.
“One of the things that we found and we’re very excited about is that this problem of lack of access to financing for mobility entrepreneurs is not just unique to Africa. It is a problem faced across many emerging markets. So what this new round is going to help us do is not just scale in Africa across our existing markets and new markets, but it will also enable us to do to scale into new markets and new regions.”
~ Jide Odunsi, Co-founder and Co-CEO Moove
Moove provides a sustainable solution through vehicle financing by enabling drivers to get into the business of ride-hailing without the hassle of borrowing cars from owners or taking loans to buy cars from dealerships.
After users sign up, get verified and trained on the platform, the startup offers a flexible payment plan to own or buy a new Moove vehicle usually spanning from 12-48 months. The startup integrates through the Uber platform to seamlessly discount weekly repayments from drivers’ balances before reimbursement
“We have managed to build a Nigerian solution for what we now know is a global problem. And that is exciting for us. Because not only do we have the opportunity to help solve the lack of access to vehicle financing problems for mobility entrepreneurs in Africa, but now we have the opportunity to take this Nigerian-born solution to the rest of the world.”
~ Ladi Delano, Co-founder Moove
The startup plans to channel the latest acquired funding to boost its expansion across the region, access more ground, and tap into new product opportunities like EMVs.
