Moove Boosts Vehicle Fleet in Ghana with $8M Funding from Absa CIB

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.

read also Nigeria’s Moove Raises $16.8M New Funding, Targets UK Expansion

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.

Moove co-Founders  Jide Odunsi & Ladi Delano
Image credits: Moove

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.

read also United Kingdom Visa Payment Changes for Applications in Morocco

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

Nigeria’s Vehicle Finance Startup Moove Raises $30M In Bond Debut

Moove

Moove, a company that offers revenue-based vehicle finance and was started in Nigeria, has announced that it is raising $30 million in a private placement Islamic bond launch.

The sukuk is being organised by Franklin Templeton’s Middle East division and is structured as a sukuk al-istisna, a sharia-compliant debt arrangement.

Moove

In addition to launching in London this year, Moove stated that at least 60% of the vehicles it finances will be electric.

“Moove will use the funds to scale to 2,000 EVs in the UAE over the coming year,” Ladi Delano, its co-founder and co-chief executive, said in a statement. “Moove estimates that this fleet of EVs will contribute to a reduction of over 5,000 metric tonnes of carbon dioxide emissions per year to help cities like Dubai meet their ambitious Net Zero targets.”

Read also Nigeria’s Moove Raises $16.8M New Funding, Targets UK Expansion

Tekton Ventures, Palm Drive Capital, MUFG Innovation Partners, Clocktower Technology Ventures, Speedinvest, Left Lane Capital, AfricInvest, and Kreos Capital are some of the equity investors in Moove.

Dino Kronfol, chief investment officer of global sukuk and MENA fixed income at Franklin Templeton, asserted that for private lending to expand in the Gulf, policymakers must provide encouragement.

“This is an asset class that needs nurturing here,” he said. “These are impactful businesses. They create jobs immediately. And there’s a lot of financing that can go towards these types of businesses that would really help the economy and their (Gulf) policy goals over the medium term,” Kronfol added.

Moove bond Moove bond

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

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

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
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.

Read also Nigerian Mobility Fintech Startup Moove Eyes Asia, Europe, MENA With New $105m Funding

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.

Read also Senegalese Agritech Startup Afrikamart Raises $850K Seed

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

Nigerian Mobility Fintech Startup Moove Eyes Asia, Europe, MENA With New $105m Funding

Moove

Moove, an African fintech company that provides vehicle finance to drivers on ride-hailing platforms such as Uber and other gig networks, has secured $105 million in fresh Series A2 funding.

“One of the things that we found and we’re very excited about is that this problem of lack of access to financing for mobility entrepreneurs is not just unique to Africa,” said Ladi Delano, co-founder and co-CEO who started the company with co-CEO Jide Odunsi. “It is a problem faced across many emerging markets. So what this new round is going to help us do is not just scale in Africa across our existing markets and new markets, but it will also enable us to do to scale into new markets and new regions.”

Speedinvest, Left Lane Capital, and thelatest.ventures (the first two of which were lead investors in the company’s Series A) led this round, which included $65 million in equity and $40 million in debt. AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital were among the new investors.

The news comes nearly seven months after Moove secured a $23 million Series A round and a month after the mobility fintech closed a $10 million debt financing round. Since its inception in 2020, the firm has expanded to six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan.

Read also :Nigerian Mobility Fintech Startup Moove Launches In Kenya

While the new Series A2 round provides Moove with the resources necessary to scale in its current markets, it also enables the company to expand beyond Africa.

Delano added that the funding will also be used to develop a more sustainable strategy for launching EV solutions for its gig drivers in Africa and new regions.

“We have managed to build a Nigerian solution for what we now know is a global problem. And that is exciting for us. Because not only do we have the opportunity to help solve the lack of access to vehicle financing problems for mobility entrepreneurs in Africa, but now we have the opportunity to take this Nigerian-born solution to the rest of the world,” Delano said on growing the Nigerian-based company beyond African shores. “This is something that we’re just so proud of and we’re excited. And I’m hoping that it’s going to be the beginning of a lot more Nigerian born startups and solutions, being able to solve global problems.”

Moove has raised a total of $174.5 million in debt and equity financing. Delano contended that this amount is insufficient to meet market demand. Nonetheless, that big sum gives sufficient ammunition to pursue markets outside Africa, where it has been forced to fight with Autochek, FlexClub, and Planet42, all of which use distinct vehicle finance schemes. Moove will confront new competition in its emerging markets from players such as Southeast Asia’s Carro, the United Kingdom’s Drover, and France’s Virtuo.

Moove funding
Credits: Moove

A Look At What The Startup 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.

Read also : Rwanda Innovation Fund Invests In Nigerian Mobility Startup MAX.ng 

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.

Since its start two years ago, Moove-financed vehicles have purportedly completed over 3 million journeys.

According to the revenue-based vehicle finance platform, it plans to expand this concept to gig drivers operating in additional vehicle classes, including three-wheelers and buses.

Over the next six months, Moove will expand into seven new regions across Asia, MENA, and Europe.

“As you can see, this white space that we discovered on mobility fintech, we want to make sure that with this new funding round, we continue to have our first-mover advantage. We go into these new markets to build businesses and to meet our customers at their point of need,” Delano said.

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.

Moove funding Moove funding

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

Nigerian Mobility Fintech Startup Moove Launches In Kenya

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.

Moove CEO Ladi Delano
Moove CEO Ladi Delano

“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.

Read also Amitruck, Kenyan Logistics Startup Raise Fund for African Expansion

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.

Read also Nigerian Based GTCO Completes Acquisition of Asset Management and Pension Fund Businesses

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

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

Mobility Startup Moove Plans to Democratise Vehicle Ownership in Africa

The Nigerian mobility startup Moove, which provides revenue-based vehicle financing to help individuals across Africa own their own vehicles, has raised a US$23 million Series A funding round to help it expand more quickly. Moove was founded by British-born Nigerians Ladi Delano and Jide Odunsi, who have successfully built three other businesses in Africa over the last eight years through venture studio Grace Lake Partners, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.

Moove

Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.

Read also:South Fintech Firm Callpay Acquired At A Valuation Of Over $6.8m

Moove customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform. The company is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, with Moove-financed cars having completed more than 850,000 Uber trips covering over 13 million kilometres across the continent to date.

The startup has now raised a US$23 million Series A funding round, led by Speedinvest and Left Lane Capital with participation from DCM, Clocktower Technology Ventures, the latest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Class 5 Global, and Victoria van Lennep, the co-founder of Lendable. Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round, which brings Moove’s total funding to US$68.2 million, including US$28.2 million in equity and US$40 million in debt.

Read also:The Role Mobile Technology Plays in Africa

Moove will use the funding round to build a full-service mobility fintech that democratises vehicle ownership across Africa. The market opportunity is vast – Africa is home to 1.3 billion people, with 43 per cent in urban areas and growing, and in 2019 had fewer than 900,000 total new vehicle sales compared to 17 million in the U.S.

“In a continent full of opportunity, mobility is key to moving economies forward and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs,” said Ladi Delano, co-founder of Moove. “We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time.”

Read also:Acumen Raises $58 Million To Invest In African Agri-businesses

Moove was initially bootstrapped by its co-founders with seed stage funding from Future Africa, an Africa-focused fund led by Iyin Aboyeji, who was a founder at Andela and Flutterwave. The new Series A funding will allow Moove to grow and expand into new markets as well as develop and launch new products and services. The equity raise follows a year of momentum and success for Moove with the launch of three cities and 60 per cent month-on-month growth so far.

“With Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa,” said Stefan Klestil, general partner at Speedinvest. “The company’s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five per cent of new cars are purchased with financing, compared to 92 per cent in Europe.”

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

New VC Faces Show Up In African Mobility Startup Space As Moove Raises $23M Series A Funding Round

Moove, a Nigeria-based mobility startup with a fintech touch, has raised $23 million in Series A funding to help it develop swiftly throughout the African continent, with new venture capital companies entering the African tech startup investing space for the first time. Moove also said that it had raised $40 million in debt financing in addition to its $23 million Series A, thereby increasing its total funding to $68.5 million.

Moove Co-founder Ladi Delano
Moove Co-founder Ladi Delano

The Series A financing was led by Speedinvest and Left Lane Capital. Other investors in the round — mostly new faces in the African mobility space — included DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Class 5 Global, Victoria van Lennep, co-founder of Lendable. Others are Verod, Kepple Africa Ventures, and Emso Asset Management, one of Moove’s existing lenders. Moove’s investment is the first in this round for several of its US backers.

Read also:SMS Solutions Could Be Essential for an Inclusive Business Strategy

“It became clear to us that people aren’t buying cars in Africa because there’s no access to finance. When you look anywhere else in the world, you have financing in most parts of the developed world when you try to buy a car. It’s that way in the UK, or Europe and the US. And that’s what’s driving mobility drive and vehicle sales,” Co-founder Ladi Delano said. 

Moove will be able to grow and extend into new markets thanks to the Series A funding. It allows the company ammunition to develop and launch new goods and services aimed at increasing market share in a competitive sector where Autochek of Nigeria and FlexClub of South Africa are making substantial inroads.

Read also:The Role Mobile Technology Plays in Africa

Last year, Moove raised $5.5 million in a seed round. The founders and Iyinoluwa Aboyeji, co-founder of Andela and Flutterwave and a key partner in the company, provided the majority of the cash.

Why The Investors Invested

Investment in Moove came largely because of the traction the startup has garnered over time, including its previous fundraising operations. Over 19,000 drivers use Moove’s platform, with another 13,000 on the waiting list. Moove-funded cars have also completed over 850,000 Uber trips, according to Delano, who claims that the company has expanded by 60% month over month since last year.

Moov also appears to have attracted investors by integrating mobility and fintech, as well as its partnership with Uber. In Sub-Saharan Africa, Moove is Uber’s only auto loan and vehicle supply partner. To underwrite loans, the company embeds its alternative credit-scoring engine, giving it access to unique performance and revenue metrics. It gives these drivers loans by selling them new cars and financing up to 95% of the purchase price within five days of signing up. They have the option of repaying their loans over 24, 36, or 48 months, utilizing a portion of their weekly Uber earnings.

“Moove’s technology is fundamentally changing access to mobility and empowering thousands to earn a new source of income,” said managing partner at Left Lane Capital, Dan Ahrens. “As we look ahead, the potential for that technology and the Moove team to expand even further is very exciting. They have the opportunity to become a full-service mobility fintech and expand their offerings to insurance and other financial services.”

And finally, the team. Delano and Odunsi are Nigerians born in the United Kingdom who received their education at the London School of Economics, Oxford University, and MIT. Delano has always been a businessman. Odunsi, on the other hand, worked at Goldman Sachs as an investment banker and at McKinsey as a management consultant.
Both reconnected years later (after parting ways in their teens) to operate a venture capital firm named Grace Lake Partners, and have now launched three successful non-tech enterprises in Africa. Moove is their first foray into the tech world, and Delano describes it as the fastest-growing company he’s ever managed.

Read also:Invest Africa Partners Standard Chartered Private Bank to Boost Executive Banking in Africa

“With Ladi and Jide at the helm of a world-class team, and their unique approach to vehicle financing, Moove has quickly established itself as one of the most exciting tech companies in Africa,” said the general partner at Speedinvest, Stefan Klestil. “The company’s expansion to three cities in under 12 months demonstrates the huge demand for vehicle financing in Africa, where just five percent of new cars are purchased with financing, compared to 92 percent in Europe.”

A Look At What The Startup Does

Moove, founded by Ladi Delano and Jide Odunsi in 2019, is using a revenue-based vehicle financing strategy to democratize vehicle ownership.
Moove, on the other hand, uses its model to target solely mobility entrepreneurs.

Drivers who operate in the mobility space are considered mobility entrepreneurs (car-hailing, ride-hailing, bus-hailing, among others). Moove’s services are used by a small percentage of Africans, but Delano claims the opportunity for mobility businesses is huge.

Read also:Wapi Pay Plans to Digitise Africa-Asia Trade Payments

However, in the next months, Moove plans to expand its financing options to include other vehicle classes and kinds, such as buses and trucks.

Moove was founded in 2019, however it did not go live until June 2020. Moove has aggressively scaled in its first year of business. Lagos, Accra, and Johannesburg are among the places where the company works, with its headquarters in the Netherlands.

In the next years, Moove’s goal is for at least 60% of the vehicles it finances to be electric or hybrid. In addition, the company is attempting to promote gender equality by raising the number of female drivers utilizing its platform to 50%.

Creating wallets for drivers who do not have bank accounts to make and accept payments is an intriguing aspect of Moove’s upcoming goals. The functionality is now only available in Ghana, but it will be available in other areas soon.

African mobility Moove African mobility Moove

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