Moove, a Laos, Nigeria-based mobility fintech company, raised $23m in Series A funding.
The round was led by Speedinvest and Left Lane Capital, with participation from DCM, Clocktower Technology Ventures, thelatest.ventures, LocalGlobe, Tekton, FJ Labs, Palm Drive Capital, Roka Works, KAAF Investments, Spartech Ventures, Class 5 Global, and Victoria van Lennep, co-founder of Lendable. Africa specialist, Verod Kepple Africa Ventures, and one of Moove’s existing lenders, Emso Asset Management, also joined the round. This brings Moove’s total funding to $68.2 million, including $28.2M in equity and $40.0M in debt.
The company intends to use the funds to grow and expand into new markets as well as develop and launch new products and services.
Co-founded by Ladi Delano and Jide Odunsi, who are British-born Nigerians, educated at the London School of Economics, Oxford University and MIT, Moove embeds its alternative credit-scoring technology onto ride-hailing and e-logistics platforms, which allows access to proprietary performance and revenue analytics of mobility entrepreneurs to underwrite loans. Its model is to provide loans to its customers by selling them new vehicles and financing up to 95 per cent of the purchase within five days of sign up. Customers can choose to pay back their loans over 24, 36, or 48 months, using a percentage of their weekly revenue. They sign up to the app to manage all transactions and access other financial products on the platform.
Moove is Uber’s exclusive vehicle financing and vehicle supply partner in sub-Saharan Africa, with the company’s financed cars having completed more than 850,000 Uber trips covering over 13 million kilometers across the continent to date.
FinSMEs
09/08/2021