Moove raises £15m; aims to finance 10,000 EVs in London

By Gloria Methri

Mobility FinTech Moove has raised £15 million in debt funding from Emso Asset Management to expand its UK operations. The start-up, which was founded in 2020, provides auto financing to Uber drivers in the EMEA region.

In August this year, Moove launched in London with a 100% EV rent-to-buy model that provides access to new zero-emissions vehicles to mobility entrepreneurs for a flat weekly fee.

This latest tranche of funding comes from London-based Emso Asset Management, following a round of $105 million in VC funding earlier this year.

With the new financing facility, Moove aims to have 10,000 electric vehicles on the UK roads by the end of 2025. The company estimates that the EVs will help reduce around 63,000 megatonnes of carbon dioxide emissions per year.

Ladi Delano, co-founder and co-CEO at Moove, said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we have already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we are committed to solving at Moove. We are looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”

Moove was founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi as a means to finance ride-hailing drivers that need their own vehicles to work but may be shut off from traditional auto loans. The start-up provides loans to drivers and collects on the loans with interest based on a driver’s rate of revenue.