Moove has announced the signing of an exclusive partnership with Lori systems. Moove describes itself on its website as a car financing company that helps you own a car and drive on Uber in just five days with an easy onboarding process. The partnership with Lori Systems marks the company’s first foray into the logistics industry as it leverages its revenue-based financing model to bridge the financing gap across one of the continent’s most highly fragmented sectors
The partnership will focus on delivering access to affordable vehicle financing within Africa’s trucking and logistics industry where penetration for truck financing is currently lower than 1%. By combining Moove’s unique revenue-based financing model and credit-scoring technology with Lori System’s data-driven logistics marketplace, both companies aim to increase the capacity of transporters to match demand across East and West Africa.
Currently, the partnership will be available in the Kenyan market, but the company says there will be a rollout later on in Nigeria.
The same revenue-based financing and credit decision model that Moove has developed as Uber’s exclusive vehicle financier will be in play. Loans will be allocated to a pool of highly rated and vetted transporters on Lori Systems’ platform, allowing them to expand their fleet, as well as through a drive-to-own program for all truck drivers. With up to 100% of the purchase price underwritten by Moove, customers will be able to pay back the loans over 48 or 60 months using a percentage of their weekly revenue.
About Lori and Moove:
Launched in 2017, Lori Systems has been at the forefront of digitizing logistics on the continent and has successfully driven efficiency across the fragmented East and West African markets by digitizing discovery and providing end-to-end visibility for customers and transporters, achieving savings of up to 20%. Lori Systems has built a network of thousands of vetted transporters to move cargo across 12+ countries.
Co-founded in 2019 by Ladi Delano and Jide Odunsi, Moove recently reached the milestone of 1 million Uber trips in Moove-financed vehicles with over 16 million kilometres travelled in Lagos, Accra, Johannesburg and Cape Town. Backed by leading VCs including Speedinvest and Left Lane Capital as well as global institutions such as the International Finance Corporation, Moove has raised a total of $68.2 million in funding to date. Through this partnership with Lori, Moove is focused on driving efficiency within the industry and empowering truck drivers across the continent through customer-centric products designed to transform African transportation and logistics.
Statements from Moove and Lori CEOs:
Commenting on the exclusive partnership Ladi Delano, Co-Founder and CEO of Moove said: “We knew from the get-go that our mission to democratise vehicle ownership would take us beyond cars. We’re thrilled to be partnering with Lori Systems to empower truck drivers in Africa, and are excited about the positive impact our revenue-based financing solutions will have on their lives. Lori’s efforts to leverage data-driven and tech-enabled solutions have recorded significant progress in driving further efficiency in the African logistics industry; this has been impressive and very much aligns with our mission.”
“Lori’s mission is to drive down the cost of goods in frontier markets. We’ve grown a marketplace that brings transparency and data to the forefront of the continent’s critical haulage industry. The partnership with Moove enables us to design innovative and flexible financing options, using data we have captured over the years, to allow transporters fund new trucks and increasingly grow their fleet and businesses,” said Uche Ogboi, CEO of Lori Systems. “The logistics industry in Africa has for so long been underserved by financial providers. By partnering with Moove to unlock access to financing, we can provide an even more efficient service, match the growing customer demand in the market, whilst lowering the costs for goods. It’s as simple as that.”