African mobility fintech Moove raises £15 million financing facility to scale 10,000 vehicles
Summary
Moove, a Nigerian-born global mobility fintech and Ubers largest vehicle supply partner in EMEA, has raised \xa315 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August.Moove launched in London in August with a 100% EV rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee.Ladi Delano, co-founder and co-CEO at Moove, said: This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, weve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one were committed to solving at Moove. Were looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.Founded by entrepreneurs Ladi Delano and Jide Odunsi, Moove launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership. Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the mobility fintech sector, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.The new financing facility will enable Moove to scale up to 10,000 vehicles by the end of 2025 and become the largest EV partner on Ubers platform in London.Mooves alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Mooves London operations will enable Uber to progress towards its goal of becoming an all-electric platform in the capital by 2025.
Funding
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