Uber’s only vehicle financing and vehicle supply partner in Sub-Saharan Africa, Nigerian mobility fintech startup Moove, has secured US$10 million in debt financing to help it expand across key regions.
Last year, the business raised $63.2 million in a Series A debt and equity fundraising round to help it expand faster, and it then launched in South Africa. Following a US$10 million funding facility from NBK Capital Partners’ Mezzanine Fund II, it now wants to expand further.
Ladi Delano and Jide Odunsi founded Moove in 2019 with the goal of democratizing vehicle ownership in Africa by providing revenue-based car finance to mobility businesses.
Moove integrates its alternative credit-scoring system into ride-hailing and e-logistics platforms, giving underwriters access to mobility entrepreneurs’ exclusive performance and revenue analytics.
The fund’s growth facility will initially support Moove’s expansion in West Africa.
Moove is NBK Capital Partners’ first investment in Africa, demonstrating the potential for a platform like Moove to fill the continent’s automotive financing deficit.
“This investment takes our total funding collected to $78 million to date, and it will fuel our sustained development trajectory as we expand our regional operations to empower more mobility entrepreneurs,” says the company. “We are happy to be working with a company that shares our ambition of creating the first mobility fintech for African markets, addressing the problem of millions of people lacking access to credit,” Delano added.
Since Moove began operations in 2020, more than two million trips have been made in Moove-financed automobiles through the end of the year in December 2021.