Thursday
March 17
2022

World’s First Mobility FinTech Moove Raises $105 Million in Series A2 Round to Scale Its Revenue-Based Financing Model Globally

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue.

Having experienced overwhelming demand and exponential growth across Africa,

Moove-financed vehicles have completed over 3 million rides covering more than 25 million kilometers. Now, Moove is expanding its model globally to meet the needs of mobility entrepreneurs in other emerging markets. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its

revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.

Photo courtesy of kAz.

Source: MENAFN (link opens in a new window)

Categories
Entrepreneurship, Finance, Technology
Tags
credit, entrepreneurs, financial inclusion, financial services, fintech, global development, mobility, scale