Moove Attracts $105m from Fresh, Existing Investors for Expansion

March 14, 2022
Moove

By Adedapo Adesanya

Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt.

The round was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

With this new round, which brings the total raised by the company to $174.5 million, Moove will rapidly scale its model to seven new markets across Asia, the Middle East and North Africa (MENA) region over the next six months.

The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of Africans by using data to democratize ownership.

Speaking on this, Mr Ladi Delano, co-founder and co-CEO at Moove, said: “At Moove, we have enabled over 3 million trips in Moove-financed vehicles across Africa, launched in six cities and connected thousands of mobility entrepreneurs to marketplaces. But there are still millions of budding entrepreneurs who have limited or no access to vehicle financing.

“We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”

Adding his input, Mr Jide Odunsi, co-founder and co-CEO at Moove, said: “The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world.

“As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business.”

On his part, Mr Stefan Klestil, General partner at Speedinvest, said: “Ladi and Jide are redefining what fintech can be, championing the use of revenue-based vehicle financing to empower people through employment. We’re delighted to be backing Moove again as they grow the business across the world.”

Mr Dan Ahrens, a Managing Partner at Left Lane Capital, said: “Despite the global challenges of the past two years, Moove has gone from strength to strength and expanded its services to tap into growing mobility opportunities. The team has an ambitious roadmap ahead of them and we can’t wait to see how the company grows over the next year.”

Mr Rainer Schwarz, Partner at thelatest.ventures, said: “In only a short space of time, Ladi and Jide have built a rocketship of a business. Their unique approach to pioneering financial inclusion through the use of technology is helping to transform employment opportunities and transport infrastructure. We look forward to supporting them as they continue to expand in 2022.”

Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs.

As well, Moove has a commitment to ensuring that at least 50 per cent of its customers are women, and its product enables more women to access vehicle financing and flexible employment.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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