Moove, an African fintech start-up says it got £15 million (about $17 million) in debt financing from Emso Asset Management, bringing its total funding to $200 million.
In July 2022, the company got $20 million in debt funding. The Lagos-based start-up, which has a growing customer base of mobility entrepreneurs in sub-Saharan Africa and India, launched in Europe in August 2022. It gives customers access to brand-new electric, rent-to-buy, zero-carbon emission vehicles with no credit checks, upfront costs, or deposits.
In 2020, Ladi Delano and Jide Odunsi founded Moove to democratize access to vehicle ownership for gig worker clients who may have previously been denied financial services. One of the best things about the first mobility fintech start-up is that it helps millions of people who don’t have easy access to vehicle financing and gives gig workers in the ride-hailing, logistics, and instant delivery industries stable ways to make money in all of its markets.
In July 2020, the company announced a partnership with Uber’s ride-hailing company. Moove is now Uber’s largest vehicle supply partner in EMEA, and Moove-financed vehicles have been used for more than 9 million trips by pi 2 customers.
Moove launched in London in August with a rent-to-own model for 100% electric vehicles. Mobility entrepreneurs can rent brand-new, zero-emissions cars for a flat weekly fee. With the help of the new financing facility, Moove will be able tl po grow to 10,000 vehicles by the end of 2025 and become Uber’s biggest EV partner in London. As the company transitions towards a sustainable all-electric platform in the region, it believes that the 10,000 electric vehicles (EVs) it aims to fund in London by the year 2025 would contribute to a reduction of around 63,000 megatons of carbon dioxide emissions per year.