Moove Africa was founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi with the aim of democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs. Over three million rides have been completed in Moove-financed vehicles across six markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes.
Over the next six months, the funds will be utilized to swiftly extend its revenue-based car finance strategy to seven new regions in Asia, the Middle East, and Europe. It also intends to broaden its relationships and vehicle categories to include automobiles, trucks, bicycles, three-wheelers, and buses. Co-founder of Moove Africa, Ladi Delano said, “Less than two years ago we discovered this whitespace of mobility fintech and launched Moove.
Having now surpassed over three million trips in Moove-financed vehicles across Africa, launched in six new cities and connected thousands of ambitious mobility entrepreneurs to ride-hailing, e-logistics and instant delivery marketplaces, we’re now leading this growing category within fintech.
But there are still millions of budding mobility entrepreneurs in emerging markets across the world who have limited or no access to vehicle financing and marketplaces that are facing critical supply issues. With this new fundraising, we are well-positioned and well funded to help solve this global problem. We’re delighted to have the support of leading investors across the globe who will be integral in enabling us to take our Nigerian-born model to the world.”
