Nigerian mobility fintech startup Moove secures $10m debt financing facility
Nigerian mobility fintech start-up Moove, Uber’s exclusive financing and vehicle supply partner in Sub-Saharan Africa, has secured $10 million in debt financing to enable it to expand into key markets .
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, who have successfully established three other ventures in Africa over the past eight years through venture capital studio Grace Lake Partners, move democratizes vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
Moove integrates its alternative credit scoring technology into ride-sharing and e-logistics platforms, providing access to proprietary performance and revenue analytics for mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95% of the purchase within five days of registration.
Through the end of December 2021, more than two million journeys have been made in vehicles financed by Moove since the launch of its operations in 2020.
The startup raised a US$63.2 million Series A debt and equity financing round last year to help it grow faster, and thereafter launched in South Africa. It now plans to continue its expansion after securing a US$10 million financing facility from NBK Capital Partners’ Mezzanine Fund II.
The fund’s growth facility will initially support Moove’s expansion in West Africa. Moove is the first investment in Africa by NBK Capital Partners funds, highlighting the opportunity for a platform like Moove to fill the vehicle finance gap on the continent.
Delano said the funding came at a “fantastic time” and was smartly structured for Moove’s use case.
“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 company that supports our vision to build the first mobility fintech for African markets, tackling the issue of lack of access to credit for millions of people,” he said. .
“We are very pleased to partner with Moove on its journey to transform access to credit for millions of people on the African continent,” said Yaser Moustafa, Managing Director (CEO) of NBK Capital Partners.
“The company is led by strong founders who have a unique, long-term vision for success, a vision based on empowering individuals from all socio-economic classes in the region, but also a true commitment to social sustainability. and environmental.”