Moove, an African mobility fintech, on Tuesday announced that it has raised $23 million in Series A funding, bringing its total funding to $68.2 million.
Moove is the first investment in Africa for many of its U.S. VC backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap. Operating on a continent with more than a billion people who have limited or no access to vehicle financing – and the lowest per capita vehicle ownership in the world – Moove will use the funding round to build a full-service mobility fintech that democratizes vehicle ownership across Africa.
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. Moove’s 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. 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.
Moove 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 kilometers across the continent to date.
Ladi Delano, co-founder of Moove
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. 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.
