Moove, Uber’s only vehicle financing and supply partner in Sub-Saharan Africa has received a $10 million investment to help it democratise vehicle ownership and expand throughout the continent.
Moove is NBK Capital Partners’ first investment in Africa, highlighting the potential for a digital business to fill the continent’s automotive financing deficit. The fund advised by NBK Capital Partners has made its sixth investment in asset-backed venture debt.
“We are very delighted to collaborate with Moove on its quest to revolutionise access to credit for millions of people throughout the African continent,” says Yaser Moustafa, Chief Executive Officer of NBK Capital Partners.
The million-dollar investment will initially help the company expand across West Africa.
Ladi Delano and Jide Odunsi, both British-born Nigerians, founded 3 different firms on the continent before creating Moove, a mobility fintech startup.
“The company is led by strong founders who have a distinct, long-term vision for success, one that is based on the empowerment of people from all socioeconomic classes across the region, as well as a true dedication to social and environmental sustainability,” Moustafa added.
The market opportunity is enormous: Africa has a population of 1.3 billion people, with 43 percent living in rapidly growing urban areas.
In 2019, the continent’s total new vehicle sales were less than 900,000, compared to 17 million in the United States.
This investment, according to Ladi Delano, co-founder and co-CEO of Moove, takes the company’s total cash raised to $78 million, which will fuel their sustained growth trajectory as they expand regional operations to empower more mobility entrepreneurs.
“We are happy to be working with a company that shares our ambition of creating the first mobility fintech for African markets, addressing the problem of millions of people lacking access to credit.”
Through its revolutionary revenue-based finance strategy and alternative credit scoring system, Moove provides vehicle financing for cars, bikes, and trucks to mobility entrepreneurs across the continent.
The company presently works in 6 locations spanning Ghana, Nigeria, South Africa, and Kenya, with intentions to grow across Africa.
According to Jide Odunsi, co-founder and co-CEO of Moove, their revenue-based model and alternative credit-scoring technologies have enabled more women to obtain finance and become mobility entrepreneurs.
“We’re committed to ensuring that at least 50% of our customers are female, by giving them the tools, resources, and flexibility they need to be productive and successful, even if they’ve previously been excluded from more formal work opportunities.”