Frontier and Growth Markets | March 15, 2022

Moove raises $105 million for revenue-based vehicle financing in emerging markets

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 15 — Moove, launched in 2020, provides car loans to Uber and other ride-hailing drivers in Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan. The Nigerian mobility startup’s alternative credit-scoring helps drivers qualify for loans that can be paid back as a portion of their revenue, with interest of 8% to 13% per year.

The goal: increased vehicle ownership. “There are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing,” said Moove’s Ladi Delano.

Scaling up

The company plans to add new vehicle classes, such as trucks, three-wheelers, bikes and buses. The company also aims for 60% of its financed vehicles to be electric or hybrid, and for 50% of its borrowers to be women. “As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion,” said Moove’s Jide Odunsi. 

Global expansion

The debt and equity round follows Moove’s $23 million Series A financing last year led by Speedinvest and Left Lane Capital, both of which reupped in the new round. The funding will help Moove expand its footprint to more Asia, the Middle East and North Africa. Moove has raised nearly $175 million to date.