Nigerian mobility tech startup MAX (Metro Africa Xpress) has plans to break into new markets across Africa after raising $31million in a Series B round. The funding will be used to enter into the Ghana and Egypt markets at the end of the first quarter of 2022. The startup will also enter more markets such as Francophone, East and Southern Africa by the end of 2022.
MAX was founded in 2015 (by Adetayo Bamiduro and Chinedu Azodoh) as a delivery startup, completing customer orders using motorcycles; then it started its ride-hailing service and later ventured into automobile subscription with financing services.
MAX took another giant leap forward by introducing vehicle financing services in 2018. The startup’s bank-partners grant vehicle purchase loans to drivers using a credit risk assessment. “It became clear that the fundamental issue that drivers face is consistent access to vehicles. And that is when we realized that if we are to be successful at solving the challenge of mobility across the continent, we have to first address the issue of vehicle access,” said the CFO, Guy-Bertrand Njoya.
MAX plans to build electric automobile infrastructure in the new markets its entering, in a bid to introduce electric vehicles to its growing customer base. As of now, the mobility company designs and assembles its own line of electronic motorcycles; kick-starting this in 2019.
The funding round was led by Lightrock and Global Ventures; and saw other participants including Novastar Ventures and Proparco.
According to Njoya, MAX aims to be the “go-to” platform for vehicle subscription and financial services for millions in Africa. MAX recently partnered with ride-hailing company Bolt to provide lease-to-own options to 10,000 drivers in Nigeria who want to acquire energy-efficient vehicles.