African mobility fintech and Uber’s vehicle supply partner, Moove has secured a $10 million financing facility with Uber’s exclusive vehicle supply partner in Africa sponsored by NBK Capital Partners Mezzanine Fund II (the “Fund”)
The funding represents the sixth investment from the Fund advised by NBK Capital Partners but the first time it is investing in Africa, highlighting the opportunity for Moove to address the continent’s vehicle financing gap.
Expectedly, Moove will use the funding to highlight the opportunity for the platform to address the continent’s vehicle financing gap as the investment brings its total funding raised to date to $ 78 million.
What they are saying
Ladi Delano, Co-Founder and Chief Executive Officer, Moove said, “NBK Capital Partners Mezzanine Fund’s financing comes at a fantastic time for our company and is intelligently structured for use case.
“This investment brings our total funding raised to date to US$ 78 million and will fuel our continued growth trajectory as we expand our regional operations to empower more mobility entrepreneurs. We are grateful to be working with a firm that supports our vision to build the first mobility fintech for Africa markets, tackling the problem of lack of access to credit for millions.”
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Similarly, Jide Odunsi, who is also the Co-Founder and Chief Executive Officer, Moove, said that using its alternative credit-scoring technology and revenue-based model, the company is empowering more women to access financing and become mobility entrepreneurs.
“We’re committed to ensuring that at least 50% of our customers are female, providing them with the tools, services, and flexibility they need to be productive and successful, when previously they have been excluded from more formal means of employment,” he said.
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Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners said, “We are proud to support Moove’s management at such a vital time in the company’s expansion. We believe our flexible financing solutions are the reason why an increasing number of rapidly growing companies have come to rely on us for proven solutions to the many complex financial situations in which they find themselves.”
Yaser Moustafa, Chief Executive Officer of NBK Capital Partners said, “We are very excited to partner with Moove on its journey to transform access to credit for millions of people across the African continent. The company is driven by strong founders who possess a unique, long-term vision for success, one built on the empowerment of individuals from every socioeconomic class across the region but also a genuine commitment to social and environmental sustainability.”
What you should know
Nairametrics reported last year that Moove launched in Cape Town following a $23 million Series A round. The expansion corresponds with five new appointments for Moove’s global C-suite and the achievement of one million Uber journeys in Moove-financed cars, marking the company’s fourth city launch in only 15 months of operations.