LONDON, March 14, 2022–(BUSINESS WIRE)–Moove, the world’s first mobility fintech offering revenue-based financing to mobility entrepreneurs in Africa, has raised $105 million in an oversubscribed Series A2 round consisting of shares and borrowed capital. The round is led by previous investors Speedinvest, Left Lane Capital and thelatest.ventures. The new investors include AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.
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Moove Co-Founders: Jide Odunsi (standing) Ladi Delano (seated) (Photo: Business Wire)
Moove was founded in 2020 by Ladi Delano and Jide Odunsi. Currently, the company is democratizing vehicle ownership in Africa by providing mobility entrepreneurs with income-based financing in markets where access to credit is scarce. With its alternative credit scoring technology, Moove offers its customers vehicle financing for the purchase of new vehicles at a percentage of their weekly earnings.
Following overwhelming demand and exponential growth, Moove-funded vehicles have already completed more than 3 million trips covering a total distance of more than 25 million kilometers. With this new $105 million A2 round, which has raised the company $174.5 million in total, Moove will quickly expand its model to seven new markets in Asia and MENA (Middle East and North Africa).
Using data to democratize vehicle ownership
Moove is part of a new generation of Nigerian startups that are revolutionizing the financial services sector in Africa. After raising $23 million in an oversubscribed Series A last year, Moove is now a leader in the mobility fintech sector, an untapped area where Moove has become the market leader in Africa and is helping to transform and solve the serious problem of limited access to vehicle financing for millions of Africans on the continent.
Low credit penetration in Africa has left more than a billion Africans unable to afford new vehicles. Less than 5% of all vehicles in Africa are purchased through financing, compared to 92% in Europe, and there are fewer than 44 cars per 1,000 people, compared to 640 vehicles per 1,000 people in Europe. In Asia and the MENA region, with a combined population of more than 5 billion people, car ownership is just 136 and 261 per 1,000 people, respectively. Moove will expand its model to include mobility entrepreneurs in Asia and the MENA region, and plans to expand its partnerships and vehicle classes to include cars, trucks, bicycles, tricycles, and buses.
Impulses for the areas of transport and finance
The Moove model has also proven to be transformative in other ways. At least 60% of the vehicles financed by Moove are electric or hybrid vehicles, which means that old and polluting vehicles exported to the continent from the rest of the world are replaced by new and fuel efficient vehicles.
Moove is powering new areas of emerging economies with a platform that is revolutionizing traditional financial services and providing the tools to enable a new generation of mobility entrepreneurs to emerge. Moove also has a stated goal of having at least 50% of the company’s customers be women, and its product enables more women to access vehicle financing and flexible working.
Ladi Delano, Co-Founder and Co-CEO of Moove said: “At Moove, we’ve powered more than 3 million Moove-funded vehicle journeys in Africa, launched in six cities and connected thousands of mobility entrepreneurs to markets. But there are still millions of budding entrepreneurs who have limited or no access to vehicle financing. Therefore, we are delighted to have the support of leading investors from around the world who will help us bring our Nigerian model to the world.”
Jide Odunsi, Co-Founder and Co-CEO of Moove said: “Moove’s business model, pioneered in Africa and offering mobility entrepreneurs revenue-based vehicle financing, can be used anywhere in the world. As we continue to expand, we remain committed to our goal of empowering women, the electrification of the… advancing the mobility sector and promoting financial inclusion These ideals are at the heart of everything we do as we continue to build a sustainable, impact-driven global business “.
Stefan Klestil, General Partner at Speedinvest, said: “Ladi and Jide are redefining fintech by championing the use of revenue-based vehicle financing to empower people through employment. We are excited to continue supporting Moove as it grows globally.”
Dan Ahrens, managing partner at Left Lane Capital, said: “Despite the global challenges of the last two years, Moove has continued to achieve greater success and has expanded its services to capitalize on the growing opportunities in mobility. The team has an ambitious roadmap ahead of it and we can’t wait to see how it works.” does.” company growing next year.”
Rainer Schwarz, partner at thelatest.ventures, said: “In just a short period of time, Ladi and Jide have skyrocketed their business. Their unique approach to pioneering financial inclusion through the use of technology is transforming job opportunities and transportation infrastructure. We hope you will support them.” at its largest expansion in 2022″.
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