The British International Investment (BII), the UK government’s development financing agency, has offered Moove, a Nigerian mobility fintech startup, a $20 million four-year structured credit.
The investment is claimed to represent BII’s focus on mobilising resources to assist Nigeria establish self-sufficiency and market resilience, as well as expand access to inclusive economic opportunities and catalyse the country’s unlimited entrepreneurial ambition.
“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs. 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,” Ladi Delano, co-founder and co-CEO at Moove, said.
The BII investment would allow Moove to purchase and import brand new fuel-efficient automobiles into Lagos, which will then be leased to drivers who will work their way to asset ownership over a three to four-year period. This would also help to remove one of the major impediments to the development of ‘ride-hailing’ transportation infrastructure in Nigeria’s commercial metropolis.
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Why BII Invested In Moove
“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry. I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” BII’s Chief Executive Nick O’Donohoe said.
BII announced the investment at a business reception in Lagos that was co-hosted by the British high commissioner in Nigeria, Catriona Laing, and BII chief executive Nick O’Donohoe to reaffirm the institution’s ongoing objective to increase investment in Nigerian economic sectors.
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“BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. The launch of BII marks a continuation of this partnership, and we look forward to seeing BII’s support expand and diversify in Nigeria,” Laing said.
A Look At What Moove Does
Moove is an African mobility fintech founded in 2019 by Ladi Delano and Jide Odunsi that is democratizing vehicle ownership by providing revenue-based vehicle finance to mobility entrepreneurs across Africa. The two co-founders are British-born Nigerians with degrees from the London School of Economics, Oxford University, and MIT. Prior to starting Moove, they successfully created three other firms on the continent.
Moove is Uber’s official vehicle financing and vehicle supply partner in Sub-Saharan Africa, providing vehicle financing for cars, bikes, and trucks to mobility entrepreneurs across the continent using its alternative credit scoring algorithm and novel revenue-based financing model. The organization presently works in six locations spanning Ghana, Nigeria, South Africa, and Kenya, with intentions to grow across Africa.
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Africa is home to more than a billion people, the majority of whom lack access to auto financing or do not have it at all. In 2019, the region sold fewer than 900,000 new vehicles, compared to the United States’ 17 million that year.
British International Investment Moove British International Investment Moove
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh