A few weeks after announcing $10 Million financing from NBK Capital, Moove has announced it has raised $105 Million in an oversubscribed Series A2 round consisting of equity and debt.
The A2 round is a new priced round consisting primarily of existing investors (led by Speedinvest, Left Lane Capital and thelatest.ventures), with three new investors (AfricInvest, MUFG Innovation Partners, Latitude) joining. The $105m is entirely fresh capital to the business.
With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months. It plans to expand its partnerships and vehicle classes to include cars, trucks, bikes, three-wheelers, and buses.
Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. After raising $23 million in an oversubscribed Series A round in August 2021 and securing seed-stage funding from Future Africa in 2019, Moove is now leading the charge in the “mobility fintech” sector. This is a white space where Moove has emerged as the leader across Africa, helping to solve the continent’s acute problem of limited access to vehicle financing for millions of Africans.
What they said:
Ladi Delano, co-founder and co-CEO at Moove, said: “Less than two years ago we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech. But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing 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.”
Jide Odunsi, co-founder and co-CEO at Moove, said: “At Moove, we are working hard to create disruptive and impactful tech solutions to solve real-world problems. 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. As we scale, we remain committed to empowering women, leading the electrification of the mobility space and driving financial inclusion. These ideals are at the core of what we do as we continue to build a sustainable and impact-driven global business.”
Julius Tichelaar, Partner at AfricInvest, said: “At AfricInvest, we are focused on supporting and growing companies that we believe will go beyond their own borders and become regional champions. Ladi and Jide have proven that Moove has the potential to transform the lives of millions of people across the continent and we’re delighted to be supporting them as they expand Moove in Africa and beyond into more emerging markets. Through the AfricInvest FIVE Fund, we’re incredibly proud to be joining Ladi, Jide and all the Moovers on their exciting journey of disrupting financial services.”
