Mobility Fintech Moove has launched a US$105 million Series A2 equity and debt financing round with the inclusion of AfricInvest’s FIVE, a leading investment platform in Africa.
The financing is led by existing shareholders Speedinvest, Left Lane Capital, and the latest. ventures, with participation from other existing and new investors such as MUFG Innovation Partners and Latitude. Moove, founded in Nigeria in 2020 by Ladi Delano and Jide Odunsi, is the world’s first mobility fintech, offering revenue-based car finance to African mobility entrepreneurs.
Moove is the leading vehicle finance platform in the mobility fintech market, developing an integrated offering of a broad variety of financial services for its global client base of mobility entrepreneurs with the objective of democratizing access to vehicle ownership. The money will allow Moove to expand into seven additional markets in Africa, Asia, and the Middle East.
Moove will also expand its alliances and asset classes while widening its platform offering to support more mobility entrepreneurs in emerging regions. “One of our focuses at AfricInvest is to find and invest in innovative and scalable firms that improve the lives and livelihoods of Africans,” said Julius Tichelaar, Partner at AfricInvest FIVE.
Moove has the potential to become a regional, and perhaps worldwide, mobility fintech champion. Indeed, this fresh round of funding will allow Moove to grow into other nations where mobility financing is in great demand.
We are tremendously delighted to support Ladi, Jide, and all the “Moovers” in their exciting adventure of innovating financial services.” and into seven new markets in Africa, Asia, and the MENA area through the AfricInvest FIVE Fund.
“Tapping into the growing population of mobility entrepreneurs in Africa and globally, Moove is fostering entrepreneurial independence and economic inclusion through its tech-driven, revenue-based financing model. AfricInvest FIVE is thrilled to support the Company’s mission to bolster financial inclusion, making cars, bikes and lorries accessible to the 1.4 billion Africans across all socioeconomic classes,” added Patrick Herrmann, Senior Manager at AfricInvest FIVE
Ladi Delano, co-founder and co-CEO at Moove, said, “Since launching less than two years ago, Moove is transforming access to vehicle finance and employment for thousands of people across Africa, with over three million trips taken in Moove-financed vehicles across six cities. Yet there are millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. We’re delighted to have the support of AfricInvest as we embark on making our Nigerian-born model global.”
Jide Odunsi, co-founder and co-CEO at Moove, said: “We’re incredibly proud of everything we’ve achieved with Moove to create disruptive and impactful tech solutions to solve real-world problems. As we scale, we remain committed to empowering women, leading the electrification of the mobility space, and driving financial inclusion, as we continue to build a sustainable and impact-driven global business.”
Following recent FinTech investments by AfricInvest in Migo, PalmPay, Oze, and MFS Africa, AfricInvest FIVE’s investment in Moove is a promising addition to the portfolio of firms pioneering innovative solutions to improve access to financial services and assist (M)SME growth in Africa.