Mobility FinTech Moove Closes $10M Financing from NBK Capital

Mobility FinTech Moove closed a $10 million financing facility from NBK Capital Partners Mezzanine Fund II to help the startup expand across West Africa and tackle the vehicle financing gap across the continent.

The financing is the sixth asset-backed venture debt investment from the fund advised by NBK Capital Partners, according to a press release on Tuesday (Feb. 1).

Uber’s sole vehicle financing and supply partner in Sub-Saharan Africa, Moove is on a mission to equalize car ownership across the continent. Founded in 2019 by Ladi Delano and Jide Odunsi, the startup offers revenue-based vehicle financing to mobility entrepreneurs across Africa. The company offers financing for cars, bikes and lorries to mobility entrepreneurs through its alternative credit scoring technology and revenue-based financing model.

See also: Moove Nets $23M To Drive Higher Vehicle Ownership In Africa

The two co-founders are British-born Nigerians and graduates of the London School of Economics, Oxford University and MIT. They have already launched three other businesses in Africa before Moove.

Africa is home to 1.3 billion people, with 43% in urban areas. In 2019, there were only 900,000 new vehicle sales; the U.S. had 17 million. Moove operates in six cities across Ghana, Nigeria, South Africa and Kenya, with expansion plans in the works.

“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,” said Yaser Moustafa, CEO of NBK Capital Partners.

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Delano said that this new investment brings its total funding to date to $78 million, which will help “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,” Delano added.