Metro Africa Xpress (MAX), a Nigerian mobility financing startup, has raised $24 million in a combined equity and debt funding round.
According to a report by Tech Cabal, the company disclosed that the funding involved equity participation from Equitane DMCC, Novastar, Endeavor Catalyst, and Endeavor Catalyst, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners.
This fresh funding comes as the company reshapes its offerings toward cleaner mobility solutions.
What they said
MAX said the new capital will enable it to scale its electric vehicle fleet, expand battery-swapping and clean energy infrastructure, strengthen its proprietary fleet management and IoT systems, and support regional expansion across West and Central Africa.
According to the company, the funding will also help it pursue its target of supporting 250,000 drivers by 2027 and exceeding $150 million in annual recurring revenue.
Speaking on the raise, MAX CEO Adetayo Bamiduro said the funding will help the company scale faster and expand clean energy infrastructure
“This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact,” he said.
MAX confirmed that it has reached profitability in Nigeria, a market where only a handful of mobility and asset-financing players have reported strong revenues and improving unit economics.
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” Bamiduro added.
This milestone positions MAX alongside other African mobility-focused companies that have demonstrated sustainable business models in challenging operating environments.
Other funding raised
Before this latest round, MAX raised $31 million in a Series B funding round in 2021, led by global private equity firm Lightrock and UAE-based Global Ventures to support expansion across Africa and build electric vehicle infrastructure, including extending vehicle financing credit to more than 100,000 drivers.
MAX also previously raised significant institutional debt for driver financing before the Series B, totaling over $40 million, and has used bonds and earlier venture funding to expand operations and develop its vehicle financing business.
The latest funding round reflects growing investor confidence in MAX’s transition from a conventional vehicle financing business into an integrated electric mobility platform. This shift aligns with broader developments in Africa’s electric vehicle ecosystem, where volatile fuel prices are making electric two- and three-wheelers more commercially attractive.
What you should know
MAX was founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh to offer affordable integrated, affordable, and collateral-free vehicle subscription packages that include low- to zero-emission automobiles, healthcare, insurance, maintenance, and eHailing subscriptions.
About a year ago, the company pivoted fully to electric vehicle financing and reduced its workforce by roughly 150 employees, representing about 30% of staff at the time.
As part of this reset, the company introduced cost-saving measures, including reduced energy and generator usage at its offices, and exited less profitable business verticals to enhance operational efficiency and capital discipline.
The company now operates an assembly facility in Ibadan with the capacity to produce up to 3,600 vehicles per month, covering both two- and three-wheel electric vehicles.
The latest funding round reflects growing investor confidence in MAX’s transition from a conventional vehicle financing business into an integrated electric mobility platform. This shift aligns with broader developments in Africa’s electric vehicle ecosystem, where volatile fuel prices are making electric two- and three-wheelers more commercially attractive.
