Nigeria’s mobility fintech company Moove, Uber’s largest vehicle supply partner in EMEA, has secured US$8 million in financing from Absa Corporate and Investment Banking (CIB), bringing its total funding to-date from the bank to US$28 million, to expand its vehicle fleet in Ghana.
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratising vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove can use proprietary performance and revenue analytics to underwrite loans to drivers that have previously been excluded from financial services.
Millions of rides have already been completed in Moove-financed vehicles across six African markets – Lagos, Accra, Johannesburg, Cape Town, Nairobi and Ibadan – and three product categories – cars, trucks and motorbikes, and the company has also expanded into Europe and India having raised significant debt and equity funding.
Moove raised a US$20 million financing facility from Absa for its South Africa operations last June, and its latest funding from the bank will play a crucial role in bolstering its existing fleet of brand-new, fuel-efficient Suzuki S-Presso vehicles, which will be assembled in Ghana. This will not only open the door for a host of new customers to start their entrepreneurial journey with the company, but also establishes a new pipeline of manufacturing jobs across Accra.
The new expansion is expected to further propel Moove’s sustained traction in Ghana, which has seen the startup deliver over 2.7 million trips through Moove-financed vehicles, and cover over 3,000 lives through its health and life insurance policies for its customers and their dependents.
“We’re delighted to be strengthening our partnership with Absa, whose support has played a pivotal role in accelerating Moove’s growth since becoming our first bank partner in 2022. Our latest collaboration not only reinforces our shared commitment towards driving our local economies forward, but also the transformative role that the provision of affordable, high-quality vehicles can play in achieving this goal,” said Jephthah Datsomor, Moove’s country manager for Ghana.
“In light of Ghana’s current economic challenges, there arguably hasn’t been a more critical time in recent years to invest in the potential of its young people. With this in mind, we’re proud to be in an even stronger position to break down the barriers to a wealth of employment opportunities and further empower Ghana’s emerging class of mobility entrepreneurs.”
