Moove, a company that started in Africa and has a growing customer base of mobility entrepreneurs worldwide, has launched in Europe with a rent-to-own model for electric vehicles that gives customers access to brand-new, zero-emissions vehicles for a flat weekly fee.
Moove plans to scale up to 10,000 electric vehicles by the end of 2025, becoming the largest electric vehicle partner on Uber’s platform in London. This will enable Moove to create sustainable earning opportunities while contributing to the city’s goal of reaching net zero carbon emissions.
With over 6,000 electric vehicles on the platform, London is the Uber city that leads the world in terms of electrification efforts. These are the most electric vehicles of any Uber city. The debut of Moove in London will make it possible for Uber to move closer to achieving its aim of becoming an all-electric platform in the city by the year 2025.
Customers of Moove may apply to use Uber’s 145 million pound Clean Air Plan to receive a discount on the cost of their vehicle.”We are ecstatic to have established a firm in Africa, which has allowed us to scale our model in Europe, which no other African fintech company has ever done. Ladi Delano, co-CEO and co-founder of Moove, made this statement.
This also represents a significant milestone for us, as it is the first time we will launch a fleet entirely comprised of electric vehicles. It gives us great pleasure to announce that our collaboration with Uber will be expanded to further our commitments to the electrification of mobility.
Changing Mobility Gig Economy
Moove was established in the year 2020 by the Nigerian businesspeople Ladi Delano and Jide Odunsi, who were both born in the United Kingdom. Their goal was to make automobile ownership more accessible to the general public.
Moove is currently the frontrunner in the “mobility fintech sector,” which has spread to nine markets spanning India and sub-Saharan Africa. The white space it created is helping to solve the problem of limited access to car finance for millions of gig workers in the ride-hailing, logistics, and rapid delivery industries. There are around 4.5 million gig workers in the UK alone.
Customers previously barred from financial services may now have access to auto financing thanks to Moove’s alternative credit scoring system. Over the past two years, Moove has made it possible for its clients to complete over 7 million journeys in Moove-financed vehicles, which has led to the establishment of sustainable jobs and a road to asset ownership.
To eliminate the financing gap for mobility gig workers worldwide, the firm is now introducing its impact-led approach to the United Kingdom (UK). This marks the company’s first expansion into Europe and comes on the heels of its recent debut in India.
In London, Moove is on the move.
Moove’s innovative approach to vehicle financing in London is designed to provide its customers with access to new, zero-emission vehicles through an easy sign-up process in addition to the absence of required credit checks, upfront costs, or deposits. Moove’s customers will also not be required to make any deposit.
As part of Moove’s commitment to enhancing safety standards through continual training and vehicle service, the company offers value-added services such as routine vehicle maintenance, MOT testing, and vehicle insurance coverage. Customers of Moove have access to a dedicated customer success team, a product offering that cannot be replicated by any other company connected with Uber’s Clean Air Plan. The weekly cost also includes coverage for health insurance.
In addition, Moove customers who drive for Uber can lower their weekly payments by using cash earned through Uber’s Clean Air Plan to assist them in meeting the expense of switching to an electric car. These funds can help them meet the cost of transitioning to an electric vehicle.
Uber’s Clean Air Plan has been successfully raising about £145 million, equivalent to approximately £3,000 for each driver. According to projections made by Moove, financing 10,000 electric vehicles in the city of London by the year 2025 will result in a reduction of around 63,000 megatonnes of carbon dioxide emissions annually.
“Our goal at Uber is to become a 100% electric platform in London by 2025,” said Andrew Brem, general manager of Uber UK. “We know drivers need to be able to get financing if they want to switch to an electric car,” he said.
Moove’s concept will assist more Uber drivers in converting to pure electric vehicles more expediently, thereby lowering their operating expenses and contributing to improving London’s air quality. Because demand from riders is greater than that of electric vehicles, our relationship with Moove will benefit both drivers and riders.
Uber Green is a product offered by Uber that is exclusive to electric vehicles. Earlier this year, Uber increased its availability to all of London, enabling millions of users in the city to book an electric vehicle on-demand at the same price as an UberX. Compared to drivers of hybrid and gasoline vehicles, drivers of electric vehicles receive a 15% increase in earnings for Uber Green trips. In addition, electric vehicle drivers save money on fees and operating costs.