Moove, the world’s first mobility fintech, has secured a significant investment of USD $8 million from Absa Corporate and Investment Banking (CIB). This investment brings the total funding received by Moove from Absa to USD $28 million, following a previous financing facility of USD $20 million announced in June 2022 for Moove’s operations in South Africa. The purpose of this new funding is to support Moove’s expansion of its vehicle fleet in Ghana, contributing to its mission of democratizing vehicle ownership and creating employment opportunities within gig economies worldwide.
Reasons for the Investment
The investors’ decision to invest in Moove can be attributed to several key factors. Firstly, Moove has demonstrated consistent growth and success since its inception. With over 21 million trips completed in Moove-financed vehicles worldwide, the startup has established itself as Uber’s largest fleet vehicle supply partner in the Europe, Middle East, and Africa (EMEA) region. This track record of achievements and the potential for further expansion make Moove an attractive investment opportunity.
Again, the investment aligns with Absa’s strategic focus on leveraging innovative technologies to empower individuals and contribute to economic development in Africa. By supporting Moove’s mission to provide affordable, high-quality vehicles and employment opportunities, Absa aims to foster economic growth and address the challenges faced by the gig economy drivers in Ghana and South Africa.
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More notably, the investment reflects the pressing need to address the vehicle financing problem in emerging markets, particularly in Africa. Despite being the world’s fastest-growing continent, Africa has the lowest per capita car ownership rate, with over 1 billion people having limited or no access to vehicle financing. Moove’s unique position as a mobility fintech allows it to fill this gap and offer a solution to empower mobility entrepreneurs and enhance productivity in emerging markets.
A Look at Moove
Moove was founded in 2020 by Ladi Delano and Jide Odunsi. The startup’s primary markets include Ghana and South Africa, where it has been actively expanding its operations. Moove aims to democratize vehicle ownership by providing accessible financing options for individuals in emerging markets. By partnering with ride-hailing services like Uber, Moove supplies brand-new, fuel-efficient vehicles to gig economy drivers, enabling them to start their entrepreneurial journey.
In addition to its financing services, Moove also offers health and life insurance policies for its customers and their dependents, ensuring their well-being and providing financial security. The startup has been making a significant impact in Ghana, delivering over 2.7 million trips through Moove-financed vehicles and covering over 3,000 lives through its insurance policies.
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Moove’s collaboration with Absa has been instrumental in driving its growth and expanding its fleet. The latest investment of USD $8 million will enable Moove to assemble brand-new Suzuki S-Presso vehicles in Ghana, creating manufacturing jobs and further strengthening its presence in the country. As a pioneer in the mobility fintech sector, Moove is committed to breaking down barriers to vehicle ownership and empowering mobility entrepreneurs in emerging markets worldwide.
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