Moove is an African-based ridesharing platform with vehicles that have already completed over 3 million rides Pagetechcrunch. This company is led by Nigerian-born entrepreneurs. However, its debt and equity may not be enough to keep up with demand.
Moove raises $105 million in Series A2 funding round
Moove is an African mobility fintech startup that seeks to “democratize” vehicle ownership across the continent. Its innovative model uses alternative credit scoring technology to provide revenue-based vehicle financing in low-access markets.
The startup has been able to help thousands of ride-hailing entrepreneurs purchase new vehicles. As a result, Moove now offers vehicle financing in six African cities. They also have plans to expand into more markets outside Africa.
To date, Moove has financed over 3 million trips in financed vehicles throughout Africa. This includes trucks, two-wheelers, courier and logistics services, and bikes. In addition to this, the company has a commitment to finance at least 60 percent of its customers in hybrid and electric vehicles.
With the recent funding, Moove will be able to expand into seven additional markets. They also aim to launch additional financial services products this year.
Currently, Moove operates in Lagos, Accra, Nairobi, Johannesburg, and Nairobi. However, the company intends to expand to seven new markets in Asia and Europe within the next six months.
Moove’s vehicles have completed over 3 million rides
Moove is an African vehicle financing company. Moove is a fintech company that aims to address the challenges associated with limited access to vehicle financing in emerging markets. Moove uses alternative credit scoring methods to underwrite loans. It is a leader in the mobility fintech space. Moove offers three product categories.
Moove provides revenue-based financing for cars, buses, trucks, and courier and logistics services. Moove offers flexible payment plans, no upfront fees, regular maintenance, and health insurance. The company has recently been awarded the IFC 2021 Annual Corporate Award, one of the top 20 most impactful projects globally.
Moove’s mission is to “democratize” vehicle ownership in Africa and other emerging markets. Currently, fewer than five percent of vehicles are purchased with finance in the African market. Moove’s model is scalable and has already launched in six African countries and nine emerging markets.
Moove is also committed to providing financing to women. The company ensures that at least half its customers are women.
Moove’s founders are Nigerian-born
Moove is a mobility fintech startup that provides vehicle financing for mobility entrepreneurs across Africa. The company was founded in 2019. In its first year of business, Moove has scaled to nine markets in sub-Saharan Africa and India. This includes Lagos, Kenya, and Accra. Now, the company has announced its global expansion through an agreement with Uber.
Moove was founded by two British-born Nigerians, Ladi Delano and Jide Odunsi, who met as teenagers. Delano is an investment banker and former Goldman Sachs executive, while Odunsi is a former McKinsey management consultant. Both are driven by a desire to create shared value.
Moove offers revenue-based vehicle finance for a range of transportation enterprises, including ride-hailing. It has been working in Ghana and Nairobi, and plans to expand to more African cities in 2020.
In addition to providing access to new vehicles, Moove’s mission is to democratize vehicle ownership in Africa. Currently, fewer than 5% of vehicles in Africa are purchased with financing. Moove aims to increase this percentage to 50% in the future.