An African mobility fintech, Moove, has raised $23 million to help Uber Technologies drivers buy cars.
Two British-born Nigerians co-founded the mobility fintech company in 2019. Ladi Delano and Jide Odunsi started the business to scale up car acquisition in the continent and a special focus in Nigeria.
The $23 million was raised in Series A funding led by Speedinvest, Left Lane Capital and Emso Asset Management, an existing investor.
A statement indicated that Moove’s total funding has increased to $68.2 million.
“This brings Moove’s total funding to $68.2m, including $28.2m in equity and $40.0m in debt. Moove is the first investment in Africa for many of its U.S. V.C. backers, underscoring the opportunity for a platform like Moove to address the continent’s vehicle financing gap.”
Moove will use the $23m to build a full-service mobility fintech that democratises vehicle ownership across the continent.
It explained that in 2019, Africa has less than 900,000 total new vehicle sales against 17 million in the USA. Moove hopes to bridge the gap.
Moove is Uber’s exclusive vehicle financing and supply partner in Africa. It has embedded its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, allowing mobility entrepreneurs to underwrite loans and access to mobility entrepreneurs’ proprietary performance and revenue analytics.