Moove, Africa's Premier Car Ownership Company Raises $105M

Moove, Africa's premier car ownership company and exclusive partner to Uber, has raised $105M in its latest funding round and will expand to seven emerging markets in Europe, Asia, and the middle east in six months.

The expansion will see Moove extending financing to buses, trucks and three-wheelers and expects to maintain the same level of growth this year, said Ladi Delano, CEO.

"One of the things that we found and we're very excited about is that this problem of lack of access to financing for mobility entrepreneurs is not just unique to Africa," said the co-founder who started the company with Jide Odunsi.

"It is a problem faced across many emerging markets. So what this new round is going to help us do is not just scale in Africa across our existing markets and new markets, but it will also enable us to do to scale into new markets and new regions."

"As you can see, this white space that we discovered on mobility fintech, we want to make sure that with this new funding round, we continue to have our first-mover advantage. We go into these new markets to build businesses and to meet our customers at their point of need," Delano added.

Launched in 2020, Moove uses a credit scoring system to provide vehicle financing to customers to purchase new vehicles for ride-hailing, logistics and deliveries, utilising a percentage of their weekly revenue. The startup is now present in six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan.

Moove's latest funding was led by existing investors, Speedinvest, Left Lane Capitals and new participation from others like AfricInvest and Kreos Capital.

The company said in a statement that it plans to have at least 30% of the vehicles it finances to be electric by next year and at least half of its customers be women in future.