Moove, the world’s first mobility fintech, founded by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, has secured $105 million from institutional investors in an oversubscribed Series A2 round, as it seeks to extend its revenue-based financing model internationally.
Speedinvest, Left Lane Capital and thelatest.ventures co-led the $105-million capital infusion from institutional investors. AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital are among the new investors that participated in the recently concluded investment round.
The capital investment, which is divided between $65 million in equity fundraising and $40 million in debt financing, comes nearly seven months after the mobility fintech startup concluded a $23 million Series-A round and a month after the mobility fintech completed a $10-million debt financing round.
Since its inception two years ago, the mobility fintech pioneer has raised a total of $174.5 million in financing.
A press release published by the African startup disclosed that the capital injection will be used to grow its operation outside Africa into seven new regions spanning Asia, the Middle East and Europe as part of the strategic plan to scale its revenue-based car finance model over the next six months.
The funding will help Moove to continue to lead the charge in the “mobility fintech” sector, where it has emerged as the market leader throughout Africa, as it works to tackle the continent’s grave problem of limited access to car finance for millions of Africans.
According to Delano, co-founder and co-CEO of Moove, the funding will help the company assist millions of aspiring mobility entrepreneurs in emerging markets around the world who have limited or no access to vehicle financing and marketplaces that are experiencing critical supply issues.
“With this new fundraise, we are well-positioned and well funded to help solve this global problem. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world,” he said.
Jide Odunsi, co-founder and co-CEO of Moove, commented on the expansion plans, stating: “The Moove model that we’ve pioneered in Africa providing revenue-based vehicle financing to mobility entrepreneurs can be applied anywhere in the world, which is why we’re excited to be expanding to new emerging markets in Asia and the MENA region.”
The firm teamed with CFAO Motors in February to acquire over 5,000 brand-new, fuel-efficient Suzuki automobiles for its mobility entrepreneurs in Ghana and Nigeria.
The alliance represents a significant step forward in closing the continent’s vehicle supply gap, and Moove is well-positioned to rapidly expand its fleet, leveraging CFAO’s local presence and extensive network to accelerate the delivery of brand-new vehicles to customers eager to embark on their entrepreneurial journey.
Since the startup was launched in 2020 by Delano and Odunsi, Moove has exceeded 3 million rides in Moove-financed cars across Africa, debuted in six additional cities, and linked thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics, and fast delivery marketplaces.
It presently operates as Uber’s sole car finance and vehicle supply partner in Sub-Saharan Africa in Lagos, Accra, Johannesburg, Cape Town, Nairobi,and Ibadan, and has seen more than 50-percent month-on-month growth since its launch.