Nigerian automobile financing startup and Uber’s exclusive vehicle supply partner in African, Moove has secured the sum of $105 million in an equity and fund raising to boost its vehicle financing business globally.
Leading the round were existing investors Speedinvest, Left Lane Capital, and the latest.ventures.
Also participating in the round were new investors which include AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital.
Moove which was launched in 2020 by Ladi Delano and Jide Odunsi provides access to revenue-based financing in markets with low access to credit for mobility entrepreneurs.
This however provides its customers with the purchasing power to buy brand new vehicles using a percentage of their weekly revenue.
Having claim to over 3 million rides covering more than 25 million kilometers, Moove’s visibility is seen in six African countries namely, Lagos, Ibadan, Accra, Johanessburg, Cape Town, and Nairobi.
The latest funds raised comes almost 7 months after the company raised a $23 million Series A fund, a month after a $10 million debt financing round and a seed-stage funding from Future Africa in 2019, bringing the total amount of investments raised by the startup to $174.5 million.
Following the fund raised, Moove has said that it plans to expand its vehicle financing model to 7 new markets across Asia, the Middle East and North Africa (MENA), and Europe over the next six months.
It also added that it intends on meeting the needs of mobility entrepreneurs in other emerging markets.
Speaking on the funds raised, Ladi Delano co-founder of Moove said, “Having surpassed over 3 million trips in Moove-financed vehicles across Africa, we’re now leading this growing category within fintech”.
“But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing”, Delano added.
Delano believes that with the new funds raised, Moove will be rightly positioned and adequately funded to help solve the global problems of funding for mobility entrepreneurs.
Also, according to Odunsi, Moove’s co-founder, “The Moove model can be applied anywhere in the world. We’re excited to be expanding new emerging markets in Asia and the MENA region”.
Moove’s revenue-based model will assist it in addressing the problems of insufficient purchasing power among middle-class citizens.
In addition to its upscaling globally, the startup plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
According to Moove, the Series A2 is a new priced round consisting primarily of existing investors, with three new investors joining. The $105m is entirely fresh capital to the business.