Moove, the world’s first mobility fintech and Uber’s largest vehicle supply partner in the EMEA region has raised £15 million in debt financing from Emso Asset Management.
In a statement announcing the fundraising, the company said the financing facility will enable it to scale up its UK operations to have 10,000 electric vehicles (EVs) on the roads by 2025.
The company recently launched in London with a 100% EV fleet in line with its mission to improve the driver experience and accelerate the electrification of mobility in cities.
The Nigerian startup is leading the charge in the mobility fintech industry by providing affordable vehicle financing to mobility entrepreneurs, enabling them to access new electric vehicles with no upfront costs or deposits.
What they are saying
Commenting on the fundraising, Ladi Delano, co-founder, and co-CEO at Moove, said: “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
What you should know
- Founded by British-born Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove was launched in Lagos, Nigeria in 2020 to democratise access to vehicle ownership.
- Having now scaled to nine markets across sub-Saharan Africa and India, Moove is leading the charge in the ‘mobility fintech sub-sector, a white space it created and which is solving the challenge of limited access to vehicle financing for millions of gig workers across ride-hailing, logistics, and instant delivery sectors, of which there are around 4.5 million in the UK alone.
- Moove’s alternative credit scoring technology provides access to vehicle financing to gig worker customers who may have previously been excluded from financial services. Over the past two years, Moove has enabled sustainable job creation and a path to asset ownership with its customers having completed over 9 million trips in Moove-financed vehicles.