How Nigerian Mobility Fintech Startup Moove Attracted $20m Investment

Moove, the Nigeria-based mobility fintech startup recently raised US$20 million in funding from the UK government’s development finance institution (DFI) British International Investment (BII), formerly known as CDC Group, a development that caused a stir within the tech community as it points to the growing level of the country’s startup ecosystem.

Moove
Moove

Moove was founded in 2019 by Ladi Delano and Jide Odunsi with the objective to democratise vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

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By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services. Over three million rides have been completed in Moove-financed vehicles across six markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes.

The company is working on global expansion after raising $105 million in Series A2 round consisting of equity and debt back in March, and it has now added US$20 million from BII, which has made a four-year structured credit investment in Moove. The funding brings the total raised by the startup to just short of US$200 million.

The funding from BII will enable Moove to purchase and import brand new fuel-efficient cars into Lagos, which will be leased to drivers who can then earn their way to asset-ownership over a three to four-year period. This will also alleviate one of the key blockages to the development of ride-hailing transportation infrastructure in Nigeria’s commercial capital.

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“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,” said Delano. 

“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.”

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The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry