Moove, a mobility fintech company, has secured $23 million in Series A funding to develop a complete vehicle ownership service in Africa.
DCM, Clocktower Technology Ventures, the latest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable, participated in the funding round, which was led by Speedinvest and Left Lane Capital.
Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.
It was co-founded by Ladi Delano and Jide Odunsi, two British-born Nigerians schooled at the London School of Economics, Oxford University, and MIT.
Moove’s business model is to sell new vehicles to consumers and finance up to 95% of the purchase price within five days of signing up.
Customers can pay back their loans using a percentage of their weekly income over 24, 36, or 48 months.
Customers register for the application in terms of managing all of their transactions and gain access to the platform’s other financial offerings.
Moove is Uber’s official vehicle financing and vehicle supply partner in Sub-Saharan Africa, with financed cars having performed more than 850,000 Uber journeys across the continent, spanning more than 13 million kilometers to date.
Moove co-founder Ladi Delano stated that “Mobility is crucial to driving economies forward in a continent full with opportunity, and this money helps to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs.” “We assist folks who would otherwise be unable to purchase new vehicles. Then they may earn money by using the vehicle as a mobility entrepreneur, which allows them to pay off the vehicle over time.”
Moove has raised $68.2 million in total, with $28.2 million in equity and $40.0 million in debt.
The new funding will be used to expand into new areas and develop and launch new products and services, according to the company.
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