Moove, a startup that is trying to make it easier for people in Africa to afford electric vehicles, just raised a new $105 million Series A2 funding round WordPresscooperengadget. The company is also looking to expand its financing to other types of vehicle classes, as well.
Moove raises $105 million in new Series A2 financing
Moove Africa, a new startup born in Lagos, Nigeria, is aiming to provide a solution to the vehicle financing problem in Africa. The company aims to close the gap in the African market and offers a revenue-based vehicle financing model. Its model works by leveraging a percentage of weekly revenue generated by the ride-hailing or gig business owner.
Its customers can purchase a new car using their weekly income. Moove plans to expand its vehicle financing model to other vehicle classes such as trucks, buses and three-wheelers. It also wants to make at least 50% of its loans to female customers. In addition, it will invest in more electric vehicles.
Moove was founded by British-born Nigerians Jide Odunsi and Ladi Delano. Prior to Moove, they founded and led three other businesses in Africa.
Moove aims to democratize access to vehicle ownership in Africa
Moove is a fintech startup based in Nigeria that has created a way for Africans to become vehicle owners. Currently, there are millions of people who depend on imports to buy new cars. But most are still unbanked. The company offers financing as a percentage of weekly revenue.
In its first year, Moove plans to launch 5,000 EV and CNG vehicles. It also has plans to increase the number of new vehicle sales and expand its fleet to more than 30,000. This will create sustainable employment opportunities.
Moove has already begun delivering vehicles to customers. Moove’s partnership with CFAO Automotive, the largest automotive distributor in Africa, will help address the lack of affordable new cars in the continent.
Moove will also offer access to other financial services. Using Moove’s app, prospective drivers can pay a weekly percentage of their income. Moove will then transfer earnings to their account every week.
Moove buys new EV cars and resells them at a lower price
Moove, the car-sharing company that resells new electric vehicles to African drivers, is going global. They’re currently operating in Lagos, Accra and Johannesburg, and plan to expand into more cities over the next few years.
The company has a number of partnerships with car makers. Its cars have racked up more than 850,000 trips on Uber. In addition, it plans to launch a few new services. For instance, it’s working on a “Climate Change” product line.
Moove is aiming to make a difference by changing access to new vehicles in Africa. They do this by buying up new EVs, then reselling them to thousands of local drivers. Some of their financed cars have completed more than 850,000 trips on Uber.
In the last year, Moove has seen growth of 60% month-to-month. Founders Ladi Delano and Jide Odunsi say they’re working towards making electric vehicle ownership more affordable and convenient in Africa.
Moove is looking to add financing to other vehicle classes and types
Moove is a Nigerian start-up that provides financial services to mobility entrepreneurs. These include drivers in the car-hailing industry and people involved in other gig work. This company uses an alternative credit scoring technology to underwrite loans.
Moove’s main product is a revenue-based vehicle financing scheme, which allows prospective drivers to purchase a vehicle in less than a year. The company also offers after-sales support such as repairs and maintenance.
To date, Moove has financed over 25,000 cars in six African markets. The company currently has a waiting list of about 13,000 drivers. It is in the process of launching new products and services. One of these is Moove Charge, which will give Uber drivers access to over 6,600 charge points across London.
Moove has grown at a rapid rate, especially during its first year of operation. During that time, it has completed more than 850,000 Uber trips in Moove-financed vehicles in nine markets.
Moove is the fastest-growing non-tech business
Moove is a Nigerian-born mobility startup. It offers a revenue-based vehicle financing solution for ride-hailing drivers and other mobility entrepreneurs. Using the alternative credit scoring technology of its platform, Moove helps drivers access affordable car loans.
The company was launched by Ladi Delano and Jide Odunsi, two Nigerians born in the UK. They are driven by a passion to provide value to drivers and mobility entrepreneurs.
Moove’s main mission is to democratize vehicle ownership. Currently, it is targeting the subset of drivers in the African market that is unable to obtain a bank loan. As such, the company creates wallets for these drivers.
Moove has already financed cars that have made trips in Lagos, Accra, Johannesburg, and other African cities. The company plans to expand to other areas soon. In the near future, Moove is also looking to finance other types of vehicles, including trucks and buses.