July 5, 2022

Nigerian Vehicle Financing Platform That Supplies Uber Drivers Raises $20M In Funding

Black-led fintech startup, Moove, raises $20 million in investment funding from the British International Investment (BII) program, formerly known as the CDC. The investment reflects the BII’s plans to build a resilient market in Nigeria, providing access to various economic opportunities for upcoming businesses while simultaneously accelerating the country’s limitless entrepreneurial spirit.

Moove, co-founded by Jidi Odunsi and Ladi Delano in 2020, is a mobility fintech platform that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. The co-founders, both British-born Nigerians with degrees from the London School of Economics (LSE) and Oxford University, successfully created three other firms within the continent before the launch of Moove.

The platform, which is Uber’s exclusive official vehicle financing and supply partner in the sub-Saharan regions, aims to make vehicle ownership much more accessible across the continent. Currently, over 1 billion Africans have limited or no access to vehicle financing, resulting in the continent having the lowest per capita car ownership in the world.

“We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs,” said Ladi Delano, co-founder and co-CEO at Moove.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for seamless and sustainable employment.”

The tech platform aims to use its resources to provide Africans with access to affordable vehicle financing and create new job opportunities for citizens by empowering a new generation of mobility entrepreneurs. Moove embeds alternative credit-scoring technology onto ride-hailing, logistics, and last-mile/instant delivery platforms, providing them with crucial revenue analytics of mobility users before underwriting loans.

The organization currently works in six locations, including Ghana, Nigeria, South Africa, and Kenya, and intends to expand its business to more countries across Africa.

Kumba Kpakima

Kumba Kpakima is a reporter at POCIT. A documentary about the knife crime epidemic in the UK got her a nomination for the UK's #30toWatch Young Journalists of the Year.