The Silicon Valley tech company Moove recently announced that it has raised $105 million in Series A2 financing Qoqgreigzdnet, and that it is launching an expansion into Africa. The company aims to make it easier for African entrepreneurs to create and run businesses. Its business model is focused on building tools that enable users to create online applications.
Moove raises $105 million in Series A2 financing
Moove is a vehicle financing startup that has been making waves in the mobility fintech space. The company is helping ride-hailing drivers and entrepreneurs purchase vehicles using the Moove model, which is a revenue-based method of vehicle financing that uses alternative credit scoring technology.
Moove currently operates in six African cities. It plans to expand to seven new markets in Asia, Europe, and MENA. In addition to ride-hailing, the company also provides vehicle financing for trucks, two-wheelers, and buses. Using the Moove model, Uber drivers can acquire their vehicles through loans, which they pay back weekly.
Moove aims to close the vehicle financing gap in Africa. Currently, the average African owns fewer than 44 cars per 1,000 people. This makes it difficult for millions of Africans to own new vehicles.
Moove announces expansion into Africa
Moove, a mobility fintech startup founded in Nigeria, is helping to redefine African mobility. It supports African drivers in the growing car-hailing industry. The startup provides income-based loans to help finance vehicles. With a mission to create economic opportunity and jobs for the mobility entrepreneurs of Africa, Moove is expanding into other markets.
Moove is also a vehicle financing partner for ride-hailing platform Uber. Moove’s financed cars have completed over 850,000 trips in sub-Saharan Africa, covering 13 million kilometers.
In August, Moove announced it had raised a $23 million Series A funding round. Moove will use the funding to expand its operations to new markets, as well as to develop new products. Moove plans to finance a number of electric and hybrid vehicles in the coming years, as well as expand its product line.
Moove’s business model
Moove is an African-born fintech start-up that provides vehicle financing to mobility entrepreneurs. It offers a revenue-based model, financing up to 95 percent of the purchase price. By providing this innovative solution, Moove aims to address the lack of finance for new vehicle purchases in Africa and across the globe. Founders Ladi Delano and Jide Odunsi are serial entrepreneurs. They studied at MIT and London School of Economics, and worked at Goldman Sachs and McKinsey before launching Moove.
Moove is headquartered in the Netherlands, with offices in Lagos, Johannesburg, Nairobi, London, Accra, and Kenya. It is also the sole partner of Uber in sub-Saharan Africa, where it provides vehicle financing to the ride-hailing giant.
Moove’s mission is to empower a new generation of mobility entrepreneurs by providing vehicle financing. Unlike traditional financing models, Moove combines credit scoring technology with alternative data to underwrite loans. Customers can choose to borrow money through monthly payments, with the option to pay back their loan in 24, 36 or 48 months.
The latest iteration of the Moove is a bet for ride-hailing in the new world. The company has grown by leaps and bounds, and is already on the proverbial map in seven African cities. A tally of 3,000 vehicles on the road and counting has given Moove an edge over competitors such as FlexClub, Drover and Planet42. Its appetitive pricing and aggressive marketing ploys are giving it the competitive edge and in the long run it may very well be the ride of the future. This is a very good thing for a region where consumer choice is limited. As mentioned earlier, Moove is a savvy steward of its environs. For instance, the company is a proud member of the VCMA. Its best mates include some of the best in the business including Uber, FlexClub and AirBnB.
Ladi Delano and Jide Odunsi are the founders of African startup Moove. They are seeking to change how vehicle financing works on the continent. With fewer than 900,000 new vehicles sold in Africa last year, the market is in desperate need of a better financing model.
Moove is working to address this problem by enabling a new generation of mobility entrepreneurs to get access to new cars. These include drivers in the ride-hailing and bus-hailing industry, as well as courier and logistics services.
The company uses performance analytics to underwrite loans. Using this technology, Moove can finance up to 95% of the purchase price of a new car, allowing drivers to pay back the loan with their earnings from Uber.
The company plans to expand to other countries in the near future. In August, it had 12,900 pre-approved sign-ups.