Moove raises $23M to create flexible options for drivers to own cars in Africa

Africa is home to more than a billion people, where a majority have limited or no access to vehicle financing. In fact, the continent has the lowest per capita vehicle ownership in the world. In 2019, Africa had fewer than 900,000 new vehicle sales. The U.S. sold more than 17 million new cars that same year.

In Nigeria, owning a car is a luxury very few people can afford. It is a similar case across Africa, where car owners often recycle used cars between themselves because of the difficulty of accessing new ones. Moove, an African mobility company with a fintech play, wants to change that, and is raising $23 million in Series A to scale rapidly across the continent.

Moove was founded by Ladi Delano and Jide Odunsi in 2019. In an interview with TechCrunch, Delano said he and Odunsi, whilst trying to figure out the problems to solve in Nigeria after years of running successful businesses, were left startled by the figures highlighted above: Fewer than than a million new cars sold in an entire continent and more than 17 million in the U.S. alone.

“It became clear to us that people aren’t buying cars in Africa because there’s no access to finance. When you look anywhere else in the world, you have financing in most parts of the developed world when you try to buy a car. It’s that way in the U.K., or Europe and the U.S. And that’s what’s driving mobility drive and vehicle sales,” Delano said during the interview.

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