Mobility FinTech Moove Raises $105M in Series A

Mobility FinTech Moove has raised $105 million in an oversubscribed Series A2 round, and now plans to take its mission of closing the vehicle financing gap in Africa to new markets.

The funding, announced in a news release Monday (March 14), will let Moove expand into seven new markets in Asia and the Middle East/North Africa (MENA) region. The company said it also wants to expands its partnerships and vehicle classes “to include cars, trucks, bikes, three-wheelers and buses.”

See also: Mobility FinTech Moove Closes $10M Financing from NBK Capital

Founded in 2019 by Ladi Delano and Jide Odunsi, Moove offers mobility entrepreneurs access to revenue-based financing in markets with lower levels of credit access. The co-founders are both British-born Nigerians and alumni of the London School of Economics, Oxford University and MIT, who launched three other businesses in Africa before Moove.

The company said its alternative credit scoring technology provides vehicle financing to customers, letting them buy new vehicles using a percentage of their weekly revenue.

“At Moove, we have enabled over 3 million trips in Moove-financed vehicles across Africa, launched in six cities and connected thousands of mobility entrepreneurs to marketplaces,” Delano said. “But there are still millions of budding entrepreneurs who have limited or no access to vehicle financing.”

The company said poor credit penetration in Africa has kept more than a billion people there from buying new vehicles. Under 5% of vehicles purchased on the continent are financed, compared to 92% in Europe. Car ownership is under 44 vehicles per 1,000 people, versus 640 per 1,000 in Europe.

Read more: Moove Nets $23M To Drive Higher Vehicle Ownership In Africa

Meanwhile in Asia and MENA, vehicle ownership is 136 cars for every 1,000 people in Asia, and 261 per 1,000 in MENA.

This funding round comes just six weeks after Moove took in $10 million in new funding from NBK Capital Partners Mezzanine Fund II. Moove also raised $23 million in a Series A last year.