Ladi Delano - Afrikan Heroes

British International Investment, Formerly CDC Group, Gives $20M Credit To Nigeria’s Moove

July 1, 2022

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.

Ladi Delano, co-founder and co-CEO at Moove

“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.

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.

“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.

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

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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

Nigerian Mobility Fintech Startup Moove Launches In Kenya

February 16, 2022

Since 2019, Moove has been making car ownership more accessible from its five locations in Southwest Africa: Lagos, Cape Town, Accra, Johannesburg, and Durban. They are now thrilled to announce the opening of their sixth facility in Nairobi, extending their services to the rest of Africa. Moore was able to accomplish this because to collaborations with Uber, Lori Systems, and Sendy.

“Kenya already has a thriving mobility and entrepreneurial industry for us to tap into and roll out our financing solutions, so we’re very excited to be launching into Nairobi, our sixth market in 18 months. As one of the biggest economies across Africa, our move into Kenya serves as a gateway to other East African markets. We are excited to continue our expansion, having achieved over 50 percent plus a month-on-month growth since launch.” Moove CEO Ladi Delano said.

Flexi-Rental is one of Moove’s services, where drivers can hire a new automobile for a weekly price to use for mobility services like Uber. Moove has teamed up with Uber to provide the finest possible client service. Drivers can also opt for a Drive-To-Own payment plan, which allows them to fully own the vehicle after three to four years. Moove’s Work N Pay program, which is only available in Accra, allows drivers to pay for a car over a two-year period. After just over two years in business, Moove’s expansion was fueled by these goods.

Within the previous year, Moove debuted its Xpress service in Lagos, which allows two-wheeled motorcycles to be funded. At their new Kenya facility, they intend to expand service to include motorcycles. The agreement with Uber allows them to use their Xpress bikes for UberConnect and UberEats delivery services. At a time when the motorcycle market isn’t as accessible, this opens up new prospects for drivers.

“We’re offering flexible employment through revenue-based financing, thus empowering drivers and driving growth in Africa’s mobility industry, underlined by our commitment to ensure that 50 percent of our customers are female. The Uber, Sendy, and Lori System partnerships will also allow us to enter the market with a substantial range of products and services for mobility entrepreneurs to take advantage of by moving people, goods, and services,” Tayo Oyegunle, Moove’s chief operator.

Moove expects that the new site would serve as a portal to a more accessible market in East Africa, in addition to the expanded services. Moove’s mission statement is the expansion of the economy and the ease of access to automobiles for people who rely on them. Moove has won awards for its efforts, including the IFC Corporate Award, which recognizes businesses that make significant changes in the communities in which they operate. Vehicles are not just available, but new occupations are created as well.

Moove Kenya Moove Kenya

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

NBK Capital Partners Makes First African Entry, Pours $10m In Mobility Startup Moove To Conquer West Africa

February 2, 2022

The NBK Capital Partners Mezzanine Fund II (the “Fund”) announced that it has closed a US$ 10 million financing agreement with the mobility fintech Moove, Uber’s only vehicle supply partner in Africa. The asset-backed venture debt is the Fund’s sixth investment, as advised by NBK Capital Partners.

“NBK Capital Partners Mezzanine Fund’s’ financing comes at a fantastic time for our company and is intelligently structured for our use case,” said Ladi Delano, Co-Founder and Chief Executive Officer, Moove. “This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.’’

According to executives, the Fund’s growth facility would initially support Moove’s expansion in West Africa. Moove is NBK Capital Partners’ first investment in Africa, demonstrating the potential for a platform like Moove to fill the continent’s automotive financing deficit.

Ladi Delano, Co-Founder and Chief Executive Officer, Moove

Why The Investor Invested

Moove has acquired considerable traction since it was founded. Since Moove began operations in 2020, more than 2 million trips have been taken in Moove-financed automobiles through the end of December 2021.

“We are proud to support Moove’s management at such a vital time in the company’s expansion. We believe our flexible financing solutions are the reason why an increasing number of rapidly growing companies have come to rely on us for proven solutions to the many complex financial situations in which they find themselves,” Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners said.

“We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent,” said Yaser Moustafa, Chief Executive Officer of NBK Capital Partners. “The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”

BK Capital Partners Limited is the alternative investments arm of Watani Investment Company K.S.C.C. (“NBK Capital”). The Firm is located in Dubai International Financial Centre, UAE, and its parent company, NBK Capital, has offices in Kuwait City, Manama, and Istanbul. It is regulated by the DFSA. NBK Capital Partners currently advises investment funds across a variety of platforms, including Private Equity, Private Credit, and Real Estate. The firm looks for companies in the MENA area with considerable development potential and wealth generating opportunities. NBK Capital Partners has assisted on the successful closing of 37 investments across a number of sectors, with 22 exits, since the opening of NBK Capital’s first fund in 2007.

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.

“Using our alternative credit-scoring technology and revenue-based model, Moove is empowering more women to access financing and become mobility entrepreneurs. We’re committed to ensuring that at least 50 percent of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment,” Jide Odunsi, Co-Founder and Chief Executive Officer, Moove, said.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer