Nigerian Mobility Startup Moove Raises $63.2 Million Series A to Democratise Vehicle Ownership
By Tom Jackson
Nigerian mobility startup Moove, which provides revenue-based vehicle financing to help individuals across Africa own their own vehicles, has raised a US$63.2 million Series A debt and equity funding round to help it expand more quickly.
Founded by British-born Nigerians Ladi Delano and Jide Odunsi, who have successfully built three other businesses in Africa over the last eight years through venture studio Grace Lake Partners, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up.