As we’ve reported previously, Keneoka for Techcrunch has been working on developing an African 105M Series A2 series Mispronounced, which is a small car that is designed to fit into narrow spaces, like a bus or a subway. It’s been a few months since the car was introduced, and now, it’s getting a little closer to becoming reality. Moove, the company that is helping the car develop, recently raised $105 million. Moove will use this money to develop the car’s software. This software will allow the car to be controlled from a computer. If the car is able to be controlled, it will be able to navigate the road, make stops, and drive at a higher speed, among other things. The company plans to launch the car by the end of 2012.
Moove raises $105 million
Moove is a Nigerian startup that offers revenue-based vehicle financing to consumers in low-credit markets. The company’s business model has emerged as a global leader in the mobility finance space and has received an overwhelming demand in Africa. In an effort to address the need for vehicle financing, Moove has recently raised a whopping $105 million in Series A2 financing. This round will enable the startup to expand its operations to new countries outside of Africa.
The mobility fintech sector is undergoing a renaissance and Moove is leading the way. The Moove model uses an alternative credit scoring method to find and select eligible borrowers, thereby providing a new, more affordable, and scalable solution to the ‘car-less’ middle class.
Moove is working to address the problem of limited access to car finance for millions of Africans. Since its launch, the company has already financed over 3 million rides in Moove-financed vehicles across Africa.
Moove’s business model
Moove’s business model is built to empower a new generation of mobility entrepreneurs. It aims to close the finance gap for them worldwide. As well as providing a financial solution, Moove also gives them access to data and information about their performance. This is done through a credit scoring system that is integrated into ride-hailing platforms.
It offers financing of up to 95% of the total purchase price of a vehicle. Customers can repay loans in 24, 36 or 48 months. They are able to make the repayments using a portion of their weekly income. The company says it is democratizing access to vehicle ownership in Africa.
Moove is committed to driving sustainable job creation in Africa, as well as improving road safety. In addition, it hopes to increase the number of female drivers. According to the company, there are fewer than five percent of new cars bought in Africa through financing.
Moove, an African fintech startup, is innovating the vehicle financing space in a big way. It’s a one-stop shop for drivers in the ride-hailing industry to access car loans. The company has partnered with Uber to make it easy to buy, sell and finance a new car.
Moove is also working on a new product to help address climate change. According to the CEO of the company, Moove has financed over three million rides across seven cities in Africa.
Moove is a Lagos-based startup that aims to revolutionize the auto finance industry. With a mission to “democratize vehicle ownership,” Moove works with OEMs to help underserved segments of the market finance their cars. As the CEO of the company puts it, it’s an industry “in crisis.”
Moove aims to be a leader in the mobility fintech sector. Using open data technology and proprietary performance analytics, Moove’s loans have the capacity to cover 95% of the purchase price.
Africa-based startup Moove, which helps finance vehicles for ride-hailing drivers, raised $105 million in its latest round of funding. The deal, which included $40 million in debt, brings the total capital the company has raised to $174.5 million. It will now compete against France’s Virtuo, Southeast Asia’s Carro, and U.K.’s Drover, according to a report by The Wall Street Journal.
In addition to financing cars and trucks, Moove also provides logistics and courier services, according to its website. Since the company launched in April 2013, its vehicles have completed more than 3 million rides. Currently, Moove has more than 12 thousand pre-approved sign-ups in seven cities. Earlier this month, the company announced that revenue grew 50% month-over-month, bringing its total to almost $2 million. As for its business model, Moove says it is planning to invest in more sustainable electric vehicle solutions for Africa’s gig drivers.