Moove Raises $23million Series A To Make Car Ownership Easy For Africans
Aug. 10, 2021, 4:23 p.m.
African mobility fintech company Moove has raised $23 million Series A funding to grow and expand into new markets as well as develop and launch new products and services.
Moove is a mission-led company that is committed to giving 100% of mobility entrepreneurs access to affordable credit and ensuring that 50% of its customers are women.
It also aims to ensure that at least 60% of the vehicles it finances are electric or hybrid vehicles as part of its commitment to improving road safety and vehicle emissions on Africa’s roads.
Ladi Delano and Jide Odunsi founded Moove in 2019.
Moove operates on a continent with more than a billion people who have limited or no access to vehicle financing – and the lowest per capita vehicle ownership in the world.
With this funding, Moove will build a full-service mobility fintech that democratizes vehicle ownership across Africa.
“In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs,” said Ladi Delano, co-founder of Moove. “We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.”
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Moove is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company claims its financed cars have completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.
Its model provides loans to its customers by selling them new vehicles and financing up to 95% of the purchase within five days of sign-up. Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue.
The start-up was initially bootstrapped by its co-founders with seed-stage funding from Future Africa, an Africa-focused fund led by Iyin Aboyeji, who was a founder at Andela and Flutterwave.
This round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable.
Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round.
tag: Funding, Uber, Startup, Transportation, Moove,
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