World's first mobility fintech Moove raises $105m in Series A2 round to scale its revenue-based financing model globally

(MENAFN- Mid-East.Info)

  • Moove is a Nigerian-born start-up and the world's first mobility fintech, providing revenue-based vehicle financing to mobility entrepreneurs across Africa
  • Moove has raised $105 million in a Series A2 round from global investors including Speedinvest, Left Lane Capital and
  • The new funding will be used to expand beyond Africa into seven new markets across Asia, MENA, and Europe
  • Moove integrates with ride-hailing, logistics and instant delivery marketplaces using their proprietary data to provide revenue-based vehicle financing to mobility entrepreneurs, solving supply problems for growing marketplaces
  • Since Moove's $23 million Series A round last August, the company has added five new strategic partners, launched two new vehicle classes (trucks & bikes), expanded into delivery and grown operations from three to six African cities (Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan)

Moove, the world's first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt. The round is 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 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs 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 brand new vehicles using a percentage of their weekly revenue.

Having experienced overwhelming demand and exponential growth across Africa,

Moove-financed vehicles have completed over 3 million rides covering more than 25 million kilometers. Now, Moove is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its

revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.

Using data to democratize vehicle ownership across emerging markets

Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. After raising $23 million in an oversubscribed Series A round in August 2021, Moove is now leading the charge in the“mobility fintech” sector, a white space where Moove has emerged as the leader across Africa, helping to solve the continent's acute problem of limited access to vehicle financing for millions of Africans.

Poor credit penetration across Africa has restricted the ability of over 1 billion Africans to buy new vehicles. Fewer than 5% of all vehicles in Africa are purchased with financing compared to 92% in Europe and vehicle ownership is less than 44 cars per 1,000 people, compared to 640 per 1,000 in Europe and 816 in the US. Similarly in Asia and the MENA region, with a combined population of more than 5 billion people, vehicle ownership stands at just 136 per 1,000 and 261 per 1,000, respectively.

Over the next six months, Moove will scale its revenue-based vehicle financing model to mobility entrepreneurs across Asia, MENA and Europe, and plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.

Driving impact across transport and finance

Moove's model has proven transformative in other ways. Its commitment to ensuring that at least 60% of the vehicles it finances are electric or hybrid in line with targets set at COP26 means the company is replacing the old-polluting vehicles that are exported from the rest of the world to the continent with new fuel-efficient vehicles. This commitment to tackling the climate crisis saw Moove recently awarded the IFC's Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.

Moove is driving forward new areas of emerging economies with a platform that is disrupting traditional financial services and providing the means to empower a new generation of mobility entrepreneurs. The mobility space in emerging markets is often highly fragmented and informal, Moove is helping to formalise how millions of people can participate in this economy to earn a living and own their vehicle. Moove has a commitment to ensuring that at least 50% of its customers are women, its product design enables more women to access vehicle financing and flexible employment.

Ladi Delano, co-founder and co-CEO at Moove, said: Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we're now leading this growing category within fintech. But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. With this new fundraise, we are well-positioned and well funded to help solve this global problem. We're delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”

Jide Odunsi, co-founder and co-CEO at Moove, said: “At Moove, we are working hard to create disruptive and impactful tech solutions to solve real-world problems. The Moove model that we've pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we're excited to be expanding to new emerging markets in Asia and the MENA region. As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business.”

Stefan Klestil, General partner at Speedinvest, said: “Ladi and Jide are redefining what fintech can be, championing the use of revenue-based vehicle financing to empower people through employment and ensure platforms such as Uber have a steady flow of drivers and couriers to enable their business expansion. With six markets under their belts already and partnerships with leading platforms, they are ready to further scale. We're delighted to be backing Moove again as they grow the business across the world.”

Dan Ahrens, Managing Partner at Left Lane Capital, said: “We're excited to be doubling down on our investment in Moove. Despite the global challenges of the past two years, Moove has gone from strength to strength and expanded its services to include bikes and trucks to tap into growing mobility opportunities. The team has an ambitious roadmap ahead of them and we can't wait to see how the company grows over the next year.”

Rainer Schwarz, Partner at, said: “In only a short space of time, Ladi and Jide have built a rocketship of a business. Their unique approach to pioneering financial inclusion through the use of technology is helping to transform employment opportunities and transport infrastructure across four countries already, with many more to come. We look forward to supporting them as they continue to expand Moove's impact beyond the continent in 2022.”

Julius Tichelaar, Partner at AfricInvest, said: “At AfricInvest, we are focused on supporting and growing companies that we believe will go beyond their own borders and become regional champions. Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we're delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets. Through the AfricInvest FIVE Fund, we're incredibly proud to be joining Ladi, Jide and all the Moovers on their exciting journey of disrupting financial services.”

T akas hi Sano, Chief Investment Officer at MUFG Innovation Partners, said: “Having previously backed successful super apps in South East Asia, we're excited about joining the Moove rocketship. Moove has paved the way for a new type of fintech – a mobility fintech that combines financial services with entrepreneurship and employment for thousands of people so far. There are huge opportunities for the company in SSA as well as other emerging markets and we're looking forward to working with Ladi and Jide as the company grows across the world.”

Sean Dunne, Partner at Kreos Capital, said: “In under two years, Ladi, Jide and the Moove team have built an incredible company that is empowering thousands of mobility entrepreneurs, providing a solution to the supply problem that so many marketplaces are facing. We're delighted to be partnering with Moove and to be supporting them on the next steps of their journey to reach more mobility entrepreneurs in emerging markets and transform access to vehicle financing.”

About Moove:

Moove is a Nigerian-born global start-up and the world's first mobility fintech, providing

revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services. Over 3 million rides have been completed in Moove-financed vehicles across six markets (Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan), and three product categories – cars, trucks and motorbikes. With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its riders are women, Moove is putting impact at the core of its growth.

About Speedinvest:

Speedinvest is a leading early-stage venture capital firm with more than €600M AuM and 40 investors based in Berlin, London, Munich, Paris, and Vienna. Our dedicated sector-focused teams are the first to fund Europe's most innovative technology startups and our in-house operational experts are on-hand to offer founders ongoing support with growth, HR, US market expansion, and more. Wefox, Bitpanda, TIER Mobility, GoStudent, Wayflyer, CoachHub, Schüttflix, TourRadar, Adverity, and Twaice are among our portfolio of 250+ companies.

About partners with leading investment firms across the globe to launch, localise or scale intuitively exceptional growth businesses, to create superior investment and societal impact returns.

About Africinvest:

AfricInvest is among the leading private equity firms in Africa with over 1.9 billion USD of funds raised. Founded 27 years ago, AfricInvest has made over 180 investments in more than 25 countries across the African continent in a variety of sectors, contributing to significant socio-economic development mainly thanks to revenue growth and profitability improvement across its portfolio companies. AfricInvest FIVE is an evergreen investment vehicle raised in December 2017 and dedicated to the financial sector in Africa. FIVE stands for Financial Inclusion Vehicle. Digital transformation is one of the key drivers towards universal financial access and as such, FIVE embraces portfolio companies that prioritize a digital agenda to reach their customers including micro entrepreneurs and SMEs. Its evergreen structure enables it to support its portfolio companies in achieving meaningful strategic transformations. The fund is supported by AfricInvest's eight offices across the continent which impart deep experience and relationships, sectoral expertise, and environmental, social and governance improvements for portfolio companies.

About MUFG Innovation Partners:

MUFG Innovation Partners (MUIP) is a corporate venture capital fund of Mitsubishi UFJ Financial Group, Inc. (MUFG). MUFG is one of the world's leading financial groups, headquartered in Tokyo and with over 360 years of history. The Group has a global network with around 3,000 locations in more than 50 countries and aims to“Committed to empowering a brighter future.” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges.

About Kreos Capital:

Kreos Capital is the leading growth debt provider in Europe and Israel, backing high-growth companies through every stage of their life-cycle. Kreos targets investments in all areas of the Technology and Healthcare sectors and, to date, has committed in excess of €3.7 billion in more than 670 portfolio company transactions, across 17 countries. With over $1.5 billion in current funds under management Kreos can invest between €2 million and €100 million per transaction in both public and private companies across all stages.


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