Moove – African mobility fintech and Uber’s vehicle supply partner has secured a $10 million funding from Uber’s exclusive vehicle supply partner in Africa sponsored by NBK Capital Partners Mezzanine Fund II (the “Fund”).
This brings the total funding raised by Moove since it was founded in 2019 to $78.2 million.
The fund raised is the sixth investment from the Fund advised by NBK Capital Partners but this is the first time for NBK to invest in Africa, stating that this opportunity would allow Moove address the African continent vehicle financing gap.
As expected, Moove will use the funding to highlight the opportunity for the platform to address the continent’s vehicle financing gap. Also, Moove is not the only startup receiving financing funding.
Last year December, TradeDepot raised $110 million through equity (38%) and debt financing (62%).
Moove which was founded in 2019 by Jide Odunsi and Ladi Delano, two British-born Nigerians, has made more than two million trips through Moove-financed vehicles between 2020 and through year-end December 2021.
Speaking on the funds raised, Ladi Delano, Co-Founder and Chief Executive Officer, Moove said, “NBK Capital Partners Mezzanine Fund’s financing comes at a fantastic time for our company and is intelligently structured for use case”.
“This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions”, he added.
Speaking further, Jide Odunsi, who is also the Co-Founder and Chief Executive Officer, Moove, said that using its alternative credit-scoring technology and revenue-based model, Moove is empowering more women to access financing and become mobility entrepreneurs.
“We’re committed to ensuring that at least 50% of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment,” he said.
Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners said, “We are proud to support Moove’s management at such a vital time in the company’s expansion. We believe our flexible financing solutions are the reason why an increasing number of rapidly growing companies have come to rely on us for proven solutions to the many complex financial situations in which they find themselves.”
Yaser Moustafa, Chief Executive Officer of NBK Capital Partners said, “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent. The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”
In 2021, it was reported that Moove launched in Cape Town following a $23 million Series A round. The expansion corresponds with five new appointments for Moove’s global C-suite and the achievement of one million Uber journeys in Moove-financed cars, marking the company’s fourth city launch in only 15 months of operations.
