Led by Nigerian entrepreneurs Ladi Delano and Jide Odunsi, Moove raises $105million in Series A2 round to scale its revenue-based financing model globally

Moove co-Founders  Jide Odunsi & Ladi Delano
  • The new funding round brings Moove’s total amount raised to date to $174.5 million.
  • The round was led by existing investors, including Speedinvest, Left Lane Capital and thelatest.ventures.
  • Moove plans to rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA and Europe region over the next six months.

Moove, the world’s first mobility fintech, which provides revenue-based financing to mobility entrepreneurs across Africa, has raised $105 million in an oversubscribed Series A2 round* consisting of equity and debt. The round was led by existing investors, Speedinvest, Left Lane Capital and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital.

Launched in 2020 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership across Africa by providing mobility entrepreneurs access to revenue-based financing in markets with low access to credit. Using its alternative credit scoring technology, Moove provides vehicle financing to its customers to purchase brand new vehicles using a percentage of their weekly revenue. With this new $105m Series A2 round, which brings the total raised by the mobility fintech pioneer to $174.5m, Moove will rapidly scale its revenue-based vehicle financing model to seven new markets across Asia, MENA, and Europe over the next six months.

Ladi Delano, co-founder and co-CEO at Moove, said: “Less than two years ago, we discovered this whitespace of mobility fintech and launched Moove. Having now surpassed over 3 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 fundraise, 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.”

Moove is part of a new generation of Nigerian-born startups that are upending financial services across Africa. The startup has experienced overwhelming demand and exponential growth across Africa, with its Moove-financed vehicles having completed over 3 million rides covering more than 25 million kilometers.

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