African mobility FinTech Moove raises $23 mn Series A funding

By Pavithra R

Moove, an African mobility fintech, has announced securing $23 mn in Series A funding led by Speedinvest and Left Lane Capital.

The investment round saw participation from DCM, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Africa specialist, Clocktower Technology Ventures, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round. 

The new finance brings the company’s total funding to $68.2 mn, including $28.2 mn in equity and $40.0 mn in debt. Moove is the first investment in Africa for many of its U.S. VC backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.

“In a continent full of opportunity, mobility is key to moving economies forward, and this funding contributes to our ability to provide revenue-based financing, as Moove empowers Africans to safely become mobility entrepreneurs. We help people buy new cars who otherwise couldn’t afford them. And then, using the vehicle as a mobility entrepreneur, they’re able to earn money, which allows them to pay off the vehicle over time,” said Ladi Delano, co-founder of Moove. 

The FinTech company is planning to use the funding round to build a full-service mobility fintech that democratizes vehicle ownership across Africa. Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans.

Moove’s model is to provide loans to its customers by selling them new vehicles and financing up to 95% of the purchase within 5 days of sign up. Its customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. All Moove customers sign up to the Moove app to manage all transactions and access other financial products on the platform.

Moove is an African mobility fintech that is democratizing vehicle ownership by providing revenue-based vehicle financing to mobility entrepreneurs across Africa. It is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, with Moove-financed cars having completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.