Moove, a mobility fintech startup, has raised $23 million to provide financing to Uber Technologies Inc. drivers to buy cars across the sub-Saharan Africa region.
The funding round, which takes the total capital of Moove to $68.2 million, was led by Speedinvest and U.S.-based Left Lane Capital, with the participation of its existing investor, Emso Asset Management.
The company uses data on ride-hailing platforms, such as earnings and performance, to make credit decisions for lending to the drivers, co-founder Ladi Delano said in interview. Moove entered into a partnership with Uber in July last year.
“One of our commitments is to ensure that 60% of all the cars we finance are either EV or hybrid cars, the British-born Nigerian said. “We’ll be launching our first EV fleet in all three markets across the continent later this year,” he said, referring to Nigeria, Ghana and South Africa.