“Annually, less than a million new cars are sold in Africa while over 17 million new cars are in the US.”
In 2019, Ladi Delano and Jide Odunsi stumbled on this surprising fact and then set out to solve this problem.
Many Africans can’t afford new cars because they don’t have access to financing plans tailored to their needs.
The Solution: A few months later, Delano and Odunsi launched Moove, a Nigeria-based mobility fintech startup to democratize vehicle ownership by employing a revenue-based vehicle financing model.
Wow, that’s a lot packed into one sentence.
Yeah, let me break it down. Moove provides loans to mobility entrepreneurs (drivers) and they pay back from the money they make. Sounds simple right?
Moove is partnering with ride-hailing companies to execute this. For example, Moove is Uber’s exclusive car financing and vehicle supply partner in sub-Saharan Africa. It provides loans to these drivers by selling them new vehicles and financing up to 95% of the purchase within five days of sign up. They can choose to pay back their loans over 24, 36, or 48 months, using a percentage of the weekly revenue generated while driving on Uber.