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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home StartUps

Moove Raised $135 Million in H1 2022 to Scale its Vehicle Financing Business Globally

by Ajifa Solomon
July 4, 2022
in StartUps
Reading Time: 5 mins read
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The News

Vehicle financier, Moove has raised $135 million within six months of fundraising. The company announced on Thursday that it has secured a $20 million financing in debt and equity from the British international investment (BII) to push out more financed vehicles into Lagos. This brings the total amount raised since launch to $203.2 million. Access to credit is never easy and no less difficult for a 3 year old startup. 

Moove was launched in 2019 by two British-born Nigerians, Ladi Delano and Jide Odunsi who run other businesses including a chain of clinics and pharmacies.  The duo were educated at the London School of Economics, Oxford University and MIT. 

Moove was founded to bridge the car ownership gap in Africa which according to Statista saw only 1 million sales in 2021 out of the total 69 million across the globe. Moove’s revenue-based scheme takes on 95% of the cost of a car and lets prospective owners pay in installments ranging from their revenues between 24, 36 and 48 months on a weekly basis.

Driving mobility across the continent

In July 2020, Moove landed a partnership with Uber to enable Uber drivers in Nigeria and Sub Saharan Africa to gain access to vehicle ownership. Moove-financed vehicles have completed 3 million rides covering more than 25 million kilometers.

The partnership is said to be driving a 50%  female-drivers inclusion within the firm in a male-dominated industry. 

Buying a car is a tall undertaking for average earners in Nigeria for instance, and a deal to pay for cars by installments is a rare one. Last August, after its $23 million series A round from Speedinvest and U.S.-based Left Lane Capital and Emso Asset Management, Moove began rapid expansion across Nigeria, South Africa, Ghana, Kenya and Uganda. The company has now expanded to Asia and Europe.

Moove runs a flexi rental model that leases vehicles for a short period of time, and drive-to-own options that span across 24 to 48 months. The company uses data on ride-hailing platforms, such as earnings and performance, to make credit decisions for lending to the drivers.

The mobility fintech also partnered with Egypt’s bus-hailing firm, Swvl, after its oversubscribed $105 million series A2 round in March to roll out 500 vehicles, 60% of which are either electric or hybrid. 

Inclusive in the list of Moove vehicle financing are  CFAO Motors -a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries- and Lori systems – an e-logistics firm to drive truck financing services.

Moove’s financing scheme covers five car brands: Hyundai, Kia, Volkswagen, Toyota, and Suzuki. 

Moove has an exciting funding history

In February this year, the mobility company raised $10 million in a funding round led by NBK Capital Partners Mezzanine Fund II to gear expansion through West African markets. 

More recently, the mobility fintech saw an investment of $20 million in funding from the UK government’s development finance institution (DFI) British International Investment (BII), formerly known as CDC Group. The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.

On the current raise, co-founder and CEO of Moove, Ladi Delano, said, “With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

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