Following a successful launch in August, Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised £15M in financing from Emso Asset Management to scale up its UK operations.
In August, the mobility fintech was launched in London with a 100% EV rent-to-buy model, giving mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee. Moove will be able to scale up to 10,000 vehicles by the end of 2025, making it the largest EV partner on Uber’s platform in London.
How it functions
Moove was founded in 2020 in Lagos, Nigeria by entrepreneurs Ladi Delano and Jide Odunsi to democratize access to vehicle ownership. With nine markets across Sub-Saharan Africa and India under its belt, Moove is leading the charge in the ‘mobility fintech sector,’ a white space it created to address the issue of limited access to vehicle financing for millions of gig workers in the ride-hailing, logistics, and instant delivery sectors, of which there are approximately 4.5M in the UK alone.
Credit scoring system
Customers who may have previously been denied access to financial services can now finance a vehicle thanks to Moove’s alternative credit scoring system. With its customers having made over 9M journeys in Moove-financed automobiles over the previous two years, Moove has enabled sustainable employment creation and a road to asset ownership.
Ladi Delano, co-founder and co-CEO at Moove, said: “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
To date, Moove has raised more than $200M, and its customers have taken over 9M trips in Moove-financed vehicles.