Moove, the world’s first mobility fintech firm led by British-Nigerian tech entrepreneur Ladi Delano, has raised £15 million ($16.6 million) in debt financing from London-based alternative asset manager, Emso Asset Management, to scale up its UK operations following a successful launch in August.
Founded by British-born Nigerian entrepreneurs Delano and Jide Odunsi in 2020 to democratize access to vehicle ownership, Moove has successfully scaled to nine markets across Sub-Saharan Africa and India, as it continues to lead the charge in the mobility fintech sector.
According to a press release obtained by Billionaires.Africa, the startup revealed that the new financing facility secured from Emso Asset Management will allow it to scale up to 10,000 vehicles by the end of 2025 and become the largest electric vehicle partner on Uber’s platform in London.
Moove’s operations in the mobility fintech sector continue to address the issue of limited access to vehicle financing for millions of gig workers in the ride-hailing, logistics, and instant delivery sectors, of which there are about 4.5 million in the UK alone.
The startup revealed that the new financing facility secured from Emso Asset Management will allow it to scale up to 10,000 vehicles by the end of 2025 and become London’s largest electric vehicle partner on Uber’s platform.
It estimates that the 10,000 electric vehicles that it plans to finance in London by 2025 will contribute to the reduction of approximately 63,000 mega-tonnes of CO2 emissions per year, allowing Uber to move closer to its goal of becoming an all-electric platform in the city by 2025.
With operations now in the UK and India, two of the biggest economies in the world, Moove’s co-founder and co-CEO Delano commented on the recently secured debt financing, stating that it comes at an exciting time for the startup.
He explained that the startup’s international expansion has already demonstrated that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge, and Moove will continue to scale its operations in the UK as part of the drive to enable drivers in transitioning to electric vehicles to accelerate mobility electrification.
Moove has launched Moove Charge, the first end-to-end charge experience and complete EV charging network app designed specifically for ride-hailing drivers, as part of its commitment.