Moove, an African mobility fintech startup that provides vehicle finance to Uber and other gig network drivers, has raised US $105 million in a new Series A2 round of funding on 14th March 2022.

This round was led by existing investors Speedinvest, Left Lane Capital, and the thelatestventures (the first two were lead investors in the company’s Series A). They contributed US $65 million in stock and US $40 million in debt. AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital were among the new investors who took part.

The news comes nearly seven months after Moove raised US $23 million in a Series A round and a month after the mobility fintech secured US $10 million in debt financing. Since its inception in 2020, the firm has expanded to six African cities: Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan.

The revenue-based car finance platform claims it will expand this approach to other vehicle classes, such as three-wheelers and buses.

While the new Series A2 round will help Moove scale across its current territories, it will also aid its expansion into new countries outside of Africa.

What the founder has to say:

The founders themselves!

 Ladi Delano, co-founder, and co-CEO of Moove:

“For some of our customers who have completed the program in other areas, we have been able to deliver financial freedom through vehicle ownership,” says the company.

“As a result, we’re still a young company. Those who have been in prison for 48 months have not yet completed their sentence. However, some customers who signed up for the shorter items early in the business have been able to pay them off and make purchases.”

How does the platform work:

Drivers register on the platform, are validated, and then trained and sign contracts with Moove to obtain loans to purchase or rent automobiles. The company enrolls these drivers on Uber’s platform—the only partner in Africa—and deducts weekly rental fees from their profits before distributing the balance to their accounts.

According to the firm, the loans are for 12 to 48 months, and when drivers repay them (at an annual interest rate of 8 to 13 percent), they own the automobiles.

We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!

 Next Article

Previous articleSingapore-based Cialfo secured USD 20 million in Series B funding
Next articleGame Streaming Platform Loco raises USD 42 million in Series A Funding
Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here