ImpactAlpha, August 11 – Lagos-based Moove partners with ride-hailing and logistics companies to extend vehicle financing to drivers. The company uses alternative credit scoring to approve drivers for loans and offers revenue-based repayments that cost borrowers 8% to 13% per year, compared to high double-digit interest rates from banks, a spokesman told ImpactAlpha.
Its $23 million Series A round was led by Speedinvest and Left Lane Capital.
Moove aims to have 50% women borrowers and for 60% of its financed vehicles to be electric or hybrid.
Uber is the company’s biggest partner.
Uganda-based Tugende and Kenya-based Ecobodaa offer vehicle financing for East Africa’s motorcycle taxi, or “boda boda” drivers. Both companies increasingly are focused on e-mobility (see, “Shift to electric rickshaws and motorcycles is drawing investors”).