Nigerian Startup Raises $24M After Profitable Pivot To EV Financing
Nigerian mobility financing company MAX has raised $24 million in a mix of equity and debt after reaching profitability in Nigeria, its largest market, multiple reports confirm.
The funding signals renewed investor interest in electric mobility across Africa, where rising fuel prices and falling battery costs are making electric two- and three-wheelers increasingly attractive for commercial drivers.
The round includes equity from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund and development finance institutions.
Profitability Brings Investors Back
Founded in 2015 as Metro Africa Xpress, MAX has gone through several iterations. It began in logistics, then moved to delivery and ride-hailing before pivoting to its current model. Today, the company operates a full-stack electric mobility platform, combining vehicle financing, fleet management software, and clean-energy infrastructure.
The EV focus is the continuation of a strategic reset. About a year ago, MAX laid off roughly 150 employees, around 30% of its workforce, as it exited less profitable business lines and cut operating costs. The shift seems to have paid off. MAX says it is now profitable in Nigeria.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Adetayo Bamiduro, MAX’s chief executive, said.
Scaling EV Fleets, Infrastructure, and Manufacturing
With fresh capital in hand, MAX plans to expand its electric vehicle fleet, scale battery-swapping stations, and invest further in IoT-enabled fleet management, while pushing into West and Central Africa.
The timing reflects broader market shifts. Rising fuel prices have squeezed drivers’ earnings, while falling battery costs have improved the economics of EVs. There are now an estimated 15,000 to 20,000 EVs on Nigerian roads, up from about 5,000 five years ago, according to Climate Scorecard.
MAX says it aims to support 250,000 drivers by 2027 and grow beyond $150 million in annual recurring revenue. To reduce reliance on imports, the company is also scaling local assembly, operating a facility in Ibadan that can produce up to 3,600 electric two- and three-wheelers per month through partnerships with Yamaha, Hero, and Spiro.
