Nigeria's mobility fintech company, Moove, which is Uber's most significant vehicle supply partner in EMEA, has successfully secured a funding round of US$8 million from Absa Corporate and Investment Banking (CIB). This brings the total investment received from the bank to US$28 million, enabling Moove to expand its vehicle fleet in Ghana.
Established in 2019 by Ladi Delano and Jide Odunsi, both of British-Nigerian descent, Moove aims to democratize vehicle ownership in Africa by providing revenue-based vehicle financing options to mobility entrepreneurs.
By integrating its alternative credit scoring technology into ride-hailing, e-logistics, and instant delivery platforms, Moove leverages proprietary performance and revenue analytics to evaluate loan applications from drivers who have historically been excluded from financial services.
Moove has already facilitated millions of rides through its financed vehicles across six African markets, namely Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan. The company operates in three product categories: cars, trucks, and motorcycles. In addition, Moove has expanded its operations into Europe and India, thanks to significant debt and equity funding.
In June of the previous year, Moove secured a US$20 million financing facility from Absa to support its operations in South Africa. The most recent funding obtained from the bank will play a crucial role in strengthening Moove's existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be manufactured in Ghana. This development not only welcomes numerous new customers to embark on their entrepreneurial journeys with Moove but also creates a new source of manufacturing employment opportunities in Accra.
The expansion into Ghana is expected to fuel Moove's continued growth in the country. To date, the startup has facilitated over 2.7 million trips through its financed vehicles in Ghana and provided health and life insurance coverage to over 3,000 individuals, including customers and their dependents.
"We are thrilled to enhance our partnership with Absa, whose support has been instrumental in accelerating Moove's growth since they became our first banking partner in 2022. Our latest collaboration reinforces our shared commitment to driving local economies forward and highlights the transformative impact that affordable, high-quality vehicles can have in achieving this objective," commented Jephthah Datsomor, Moove's country manager for Ghana.
Given the current economic challenges in Ghana, there has arguably been no better time in recent years to invest in the potential of its youth. With this in mind, Moove takes pride in its strengthened position to break down barriers and unlock a multitude of employment opportunities, empowering Ghana's emerging class of mobility entrepreneurs.
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