By Tom Jackson onNews, West Africa
Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has announced a further US$76 million in funding to fuel further global expansion.
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
The startup is already extremely well-capitalised, both in terms of debt and equity investment, and it has now announced US$76 million in further funding to help it to continue to expand. The new capital brings total funding to over US$335 million since inception.
The latest batch consists of US$28 million in equity from new and existing investors in a process led by Mubadala Investment Company, US$10 million venture debt from funds and accounts managed by BlackRock, and US$38 million in previously undisclosed funds raised during the prior 12 months. Moove said it will use the funding to continue its mission to build the largest tech-driven financial services platform for mobility entrepreneurs and strengthen its position on the global stage.
“We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 month,” Delano said.
Faris Sohail Al Mazrui, head of ventures and growth at Mubadala, said Moove had built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them.
“This is a hugely underbanked and underserved market that we believe has significant long-term potential,” he said.
