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Vehicle Financier Gets Big Financial Boost

Barely a month announcing a US$10-million funding round, African mobility fintech Moove has raised a further $105-million in a “series A2” round aimed at taking its business global. The latest round, which was oversubscribed and which brings total funding to $174.5-million, consisted of both debt and equity and was led by existing investors Speedinvest, Left Lane Capital and, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital. Launched in Nigeria in 2020 by Ladi Delano and Jide Odunsi, Moove is Uber Technologies’ exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa. The company provides access to revenue-based financing in markets with low access to credit. Using its alternative credit-scoring technology, Moove provides vehicle financing to its customers to purchase new vehicles using a percentage of their weekly revenue. The company also intends to expand vehicle classes available to include cars, trucks, bikes, three-wheelers and buses.