Moove, a Nigerian mobility fintech firm, has acquired an extra $8 million in funding from Absa Corporate and Investment Banking (CIB), bringing its total capital from the bank to $28 million.
This latest investment follows a previous funding round in June 2022, where Moove received $20 million from Absa to support its operations in South Africa. The new funding is expected to bolster Moove’s growth and expansion plans, enabling the company to innovate further and provide its mobility and financial services in the Nigerian market and beyond.
With the new funding secured, Moove, the Nigerian mobility fintech startup, is set to acquire many fuel-efficient Suzuki S-Presso cars to be assembled in Ghana.
Moove was founded by Ladi Delano and Jide Odunsi in 2020, and since its inception, the company has facilitated over 21 million trips through its financing model. Notably, Moove has emerged as Uber’s leading supplier of fleet vehicles in the EMEA (Europe, Middle East, and Africa) region,
Jephthah Datsomor, Moove’s country manager for Ghana, expressed his delight in strengthening the partnership with Absa, emphasizing the bank’s crucial support in accelerating Moove’s growth since becoming its first bank partner in 2022. He highlighted that the latest collaboration reinforces their shared commitment to drive local economies forward and the transformative impact of providing affordable, high-quality vehicles in achieving this goal.
The additional $8 million in funding will be instrumental in supporting Moove’s expanding fleet of vehicles in Ghana. Furthermore, it aligns with their mission to democratize car ownership and create job opportunities within gig economies globally.